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Why El Salvador Should Adopt Ripple For Remittances – Where to buy XRP

ripple xrp
ripple xrp

Ripple (XRP) could be a better fit for remittances than bitcoin for El Salvador – here’s why.

El Salvador made a significant splash in the crypto world earlier this month as the country became the first to formally accept crypto as legal tender.

President Nayib Bukele announced on Twitter that his bill for the development had passed in the country’s parliament, and they would now be looking towards a future where crypto payments are possible – and easy.

Payments Made Easy

The new development has drawn mixed reactions. Crypto enthusiasts are thrilled at the prospect of a country formally accepting Bitcoin, while some regulators have also expressed concerns over what this could mean for global financial stability. Regardless of the reactions, El Salvador is moving forward.

Per the new law, vendors in El Salvador can trade and display prices of goods and services in Bitcoin. Citizens are also poised to pay taxes in Bitcoin.

El Salvador’s adoption has also piqued the interest of neighboring LatAMs including Paraguay and Argentina. President Bukele believes this adoption is prime for success since a bulk of the citizens are unbanked. Using cryptocurrencies like Bitcoin could make it easier for them to transact, access investments and save funds.

El Salvador has hinted at the possibility of making salary payments in Bitcoin. However, while the desire to integrate Bitcoin is understandable, the country might also want to consider another payment-focused digital asset – XRP.

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ripple xrp price chart 18 june 2021

Ripple Labs’ XRP doesn’t have the market cap of Bitcoin, but it solves the major problem that plagues the citizenry–remittances. Remittances account for 23% of the country’s GDP. Last year, over $5.92 billion was sent home by Salvadorian migrants.

When it comes to remittances, hardly does any digital asset come close to Ripple XRP. It has proven to be an impressive asset for payments and remittances, and it is also ideal for both institutions and individual users.

Why Ripple is So Great for Payments

  • Quick settlements: XRP transactions usually take just a few seconds to be completed. Compare that to an asset like Bitcoin or Ether, which can take potentially minutes
  • Low transaction fees: To complete a transaction on the Ripple network, you need just 0.0001 XRP
  • Versatile network: Apart from processing transactions in XRP, the Ripple network also handles fiat currency transactions.
  • Environmental safety: Unlike Bitcoin, XRP transactions don’t require much energy. Bukele has shown a concern for crypto’s environmental effects. With XRP, he doesn’t need to worry.

Where to Buy Ripple XRP

XRP is available on a number of cryptocurrency exchanges including the following:

  • eToro

eToro initially started as a stock trading app. However, it has expanded quite well and now covers different asset classes. eToro is quite easy to use and it offers zero-commission trading.

  • Binance

Binance is the world’s largest cryptocurrency exchange. The platform has become the industry standard, providing access to hundreds of digital assets and high liquidity to traders.

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