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June 17, 2021Blog Posts

World Bank slams bitcoin, declines to help El Salvador’s cryptocurrency plan

Ars Technica

Last week, El Salvador’s government passed a law to accept bitcoin as legal tender alongside the US dollar. The country receives $6 billion in remittances per year—nearly a quarter of its gross domestic product—and the hope is that bitcoin’s lower transaction costs could boost that amount by a few percentage points.

The move was first proposed by the country’s president, Nayib Bukele, who said he hoped that in addition to facilitating lower remittance fees, the bitcoin plan would attract investment and provide an avenue for savings for residents, about 70 percent of whom are unbanked. (What Bukele didn’t say, but what Bloomberg has reported, is that he and members of his political party have owned bitcoin for years.)

Adding the cryptocurrency to the roster isn’t a simple task, though, and the new law gives the country just three months to roll the plan out nationwide. No country has ever used bitcoin or any other cryptocurrency as legal tender, and challenges abound. To address those concerns, El Salvador turned to the World Bank and the International Monetary Fund for assistance; the latter is currently considering a $1.3 billion financing request from the country.

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New research from The Strawhecker Group analyzes key trends and consumer attitudes.

Download a free infographic covering several findings from the full report.

Consumers have increasingly adopted Buy Now, Pay Later (BNPL) services for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. Read the press release.

To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with the goal of understanding domestic attitudes and perspectives on the use of BNPL services. The complete findings, a selection of BNPL provider profiles, and market landscape details can be found in the firm’s new report Buy Now, Pay Later: An Analysis of Key Trends and Consumer Attitudes.

Highlights of this extensive 81-page report include:

  • Buy Now, Pay Later Background
  • Key Players in the Buy Now, Pay Later Space
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  • Concluding Thoughts: The Future of Buy Now, Pay Later
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