FILE PHOTO: A representations of cryptocurrency Bitcoin and Binance is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
SAN SALVADOR (Reuters) - Central American countries are eagerly waiting to see if El Salvador's adoption of bitcoin as parallel legal tender cuts the cost of remittances, an important source of income for millions of people, the region's development bank said.
President Nayib Bukele's congressional allies have already approved legislation giving the cryptocurrency official currency status alongside the U.S. dollar, a first in the world. The move takes effect in September.
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