A small island nation in the Atlantic Ocean grapples with a cash economy influenced by tourism, remittances and limited resources. Can Bitcoin help?
Cape Verde, officially the Republic of Cabo Verde, is an island nation in the central Atlantic Ocean. Cape Verde comprises 10 main islands and several smaller islets, sitting 570 kilometers west of The combination of a tourism and remittance-based economy presents multiple issues. Due to the presence of tourists year-round, Sal uses three currencies: the local Escudo, the U.S. dollar, and the Euro, although Hall discovered it’s also possible to pay in British pounds. Mastercard and Visa charge upward of 4% for transaction fees in stores, which merchants often pass on to customers.
Western Union and MoneyGram charge customers as much as 15% for remittances to send money across borders. The high remittance costs act like a tax on the higher incomes of Cape Verdean workers living abroad.
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