The Central Reserve Bank (BCR) of El Salvador has submitted a draft law to the Finance Committee of the Legislative Assembly, proposing the introduction of a cap on financial transactions carried out using mobile devices. El Mundo reports that the draft bill seeks to establish a ceiling of USD242.4 (the minimum wage in El Salvador) for each transaction, while also proposing a monthly cap of USD969.6. At present, Tigo is the sole provider of mobile financial services in the country through its ‘Tigo Money’ offering, which was launched in September 2011.
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