Asia Broadband Pursues AABBG Token Business Development in Central America As El Salvador Adopts Bitcoin As National Currency
LAS VEGAS, June 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company is proceeding with plans to establish a presence in Central America and build a demand for the AABBG token in El Salvador. AABB will be targeting major Salvadoran retailers to engage in acceptance and processing agreements for customer purchases with AABBG.
The business development program is designed to afford substantial commission and discount incentives for retailers and customers to fulfill transactions with AABBG and facilitate circulation expansion. The creation of a Spanish version of the AABB Wallet and upcoming exchange is planned with the AABBG developer and will be initiated as soon as possible. Also, AABB expects to open a satellite office in El Salvador in the near future to serve as the Company’s Central and South American hub for AABBG business development and marketing.
El Salvador’s recent adoption of and movement toward Bitcoin as the country’s legal tender has created a cryptocurrency-focused economy and a tremendous growth opportunity for AABBG and the AABB Wallet. With a Salvadoran population of more than 6 million, approximately 70% are without bank accounts or credit cards but do have the cell phones and internet access required for digital wallet use. Additionally, there are more than 2 million Salvadorans living in the US that send approximately $5 billion USD annually to El Salvador—a figure amounting to more than 20% of the country’s GDP. These USD remittances are time consuming to send and receive and can cost up to 50% in total fees and services charges. 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.
LAS VEGAS, June 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company is proceeding with plans to establish a presence in Central America and build a demand for the AABBG token in El Salvador. AABB will be targeting major Salvadoran retailers to engage in acceptance and processing agreements for customer purchases with AABBG.
The business development program is designed to afford substantial commission and discount incentives for retailers and customers to fulfill transactions with AABBG and facilitate circulation expansion. The creation of a Spanish version of the AABB Wallet and upcoming exchange is planned with the AABBG developer and will be initiated as soon as possible. Also, AABB expects to open a satellite office in El Salvador in the near future to serve as the Company’s Central and South American hub for AABBG business development and marketing.
El Salvador’s recent adoption of and movement toward Bitcoin as the country’s legal tender has created a cryptocurrency-focused economy and a tremendous growth opportunity for AABBG and the AABB Wallet. With a Salvadoran population of more than 6 million, approximately 70% are without bank accounts or credit cards but do have the cell phones and internet access required for digital wallet use. Additionally, there are more than 2 million Salvadorans living in the US that send approximately $5 billion USD annually to El Salvador—a figure amounting to more than 20% of the country’s GDP. These USD remittances are time consuming to send and receive and can cost up to 50% in total fees and services charges. 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.