El Salvador has been the first country in the world to make Bitcoin legal tender alongside the U.S. dollar (USD). This is certainly one of the most important events in Bitcoin’s history, and it would definitely have a strong impact on the whole crypto ecosystem. At the same time, it also pushes companies to plan new business strategies, such as Asia Broadband, Inc. (OTC: AABB) that decided to expand its operations to El Salvador to broaden the use-cases and increase demand for the AABB Gold token (AABBG).
In a recent press release, the company announced that they want to establish a presence in Central America and to push for a cryptocurrency-focused economy.
The company will be leveraging the recent announcement of the Government of El Salvador to make Bitcoin (BTC) legal currency in the country. AABB will be working to target retailers in the country to accept and process payments with the AABBG token.
As the market continues to expand, establishing an early presence in El Salvador is certainly going to be important for companies all over the world that want to get access to one of the first economies to completely open itself to Bitcoin and cryptocurrencies.
Bitcoin Adoption in El Salvador
The decision to make Bitcoin legal tender creates a tremendous growth opportunity for the company’s AABBG token and their AABB Wallet.
But to understand the possibility of expanding virtual currencies in the country, we also need to think of some of this society’s characteristics. For example, only 30% of the Salvadoran population have a bank account or a credit card. However, most of them have cell phones and access to the internet.
This is extremely bullish to expand virtual currencies and crypto wallets, such as the AABB Wallet. It is worth mentioning that 2 million Salvadorans are working and living in the United States. These individuals send close to $5 billion per year back to their country. This represents 20% of the country’s GDP, and it shows the amazing potential that virtual currencies have in the country.
Remittances are very expensive to send. They require individuals to pay high fees and also commissions for sending these transactions. This makes them very inefficient and costly for workers that could give a better use to the money they end up paying in fees.
As AABB explains, the easy and inexpensive access to virtual currencies by using digital wallets could play a massive role in reducing the costs of transactions for workers. This could definitely have a positive impact on households in El Salvador. Of course, these benefits could also be expanded to other countries if they decide to embrace virtual currencies and crypto-wallets.
About the benefits for El Salvador, AABB explained in the press release about using cryptocurrencies to send and receive payments.
“Alternatively, the easy access, inexpensive and quick transfers of cryptocurrency through digital wallets will offer significant cost and time savings to the transacting parties and potentially provide hundreds of millions of dollars in economic benefits to El Salvador.”
AABB Business Development Program
Asia Broadband has a very strong and clear business development program that aims at designing and affording substantial commission and discount incentives for retailers in the country. This could attract users to start using the AABBG token on a regular basis and offer significant cost and time savings to the transacting parties.
As per the company, this could facilitate circulation expansion and reach a large number of users in the country. Their developer partner, Core State Holdings, Corp. is now working on the creation of a Spanish version of the AABB Wallet that would support users and retailers in the country.
One of the positive things about the decision to make Bitcoin legal tender in El Salvador is related to companies investing in the country. And this is just one of the things that AABB wants to do. They would not only expand the use-cases of the AABBG token in El Salvador, but they are also planning to open a satellite office in the country to serve as the Company’s Central and South American hub for the business and its development, leading to job creation.
Although AABB does not inform about any type of plan regarding other countries, the goal is to certainly analyse the situation with offices located in El Salvador, expand the AABBG token and reach a larger number of users that would like to use the AABBG digital asset.
Who is Asia Broadband?
Asia Broadband Inc. defines itself as a resource company that works in the production, supply and sale of precious and base metals, primarily to Asian markets. The firm is innovating the way in which precious and base metals are produced in Mexico and then sold to client networks in Asia.
AABB differentiates itself from other companies thanks to its distinctive approach to sales transactions through a vertical integration approach. At the same time, this creates distinctive value for shareholders from all over the world.
It is also worth talking about the token the company has recently released. They have launched a mine-to-token gold-backed digital currency that is known as the AABB Gold token (AABBG).
The AABBG token strives to become a worldwide standard of exchange that is secure with 100% physical gold backing. No other virtual currency is now offering the current features that make the AABB Gold token unique. The expansion of this coin in El Salvador will be key for the company and for the expansion of the firm not only in Central America but also as a starting point to reach other countries in the South American continent.