The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

El Salvador's recognition of Bitcoin as legal tender has been constantly criticized by the mainstream market, but Bank of America has gone against the crowd and analyzed several potential benefits of El Salvador's Bitcoin strategy.

According to Cointelegraph, the first benefit pointed out by Bank of America is that more than 70% of adults in El Salvador do not have bank accounts, and the democratization of electronic payments through Bitcoin has a gradual significance.

With 5,600 branches in more than 150 countries around the world, Bank of America is the second largest commercial bank in the United States, second only to JPMorgan Chase, and is one of the largest financial institutions in El Salvador.

Analysts at the bank said that the second benefit of El Salvador's decision to recognize Bitcoin as legal tender is that it can simplify remittance procedures, because there are many young people in the country working overseas, and remittance fees account for 24% of El Salvador's GDP.

Compared with traditional remittance methods, using Bitcoin to remit can reduce transaction costs. US dollars can be converted into Bitcoin by the sender and then converted back to US dollars by the receiver in the country.

Since the President of El Salvador announced in June that Nayib Bukele would accept Bitcoin as legal tender, it has been questioned and criticized by global financial institutions, including the International Monetary Fund and the United Nations Economic Commission for Latin America and the Caribbean.

JPMorgan Chase believes that El Salvador's Bitcoin strategy may put additional pressure on the country's limited network capabilities; and credit rating agency Moody's has downgraded El Salvador's rating for this reason.

More than half of the people in El Salvador are skeptical about using Bitcoin as legal tender.

When El Salvador announced its Bitcoin strategy, it once triggered a wave of calls from countries in Central and South America to follow suit, but so far, no other country has successfully followed El Salvador's footsteps.