CandleFocus

Central Reserve Bank: Only 1.1% of Remittances Involve Cryptocurrency in El Salvador

Author: Content Editor
Despite the support of President Nayib Bukele's administration, the adoption of cryptocurrency, particularly Bitcoin, for remittances in El Salvador has not increased significantly. Data from the Central Reserve Bank shows that only 1.1% of remittances sent to the country between January and August 2024 involved cryptocurrency. While El Salvador has positioned itself as a leader in crypto adoption, especially with Bitcoin being legal tender, it has not gained traction in various use cases, including remittances. Salvadorans still prefer to use the U.S. dollar for sending and receiving remittances. Remittance-focused companies and traditional banks are responsible for the majority of these transactions. The report indicates that crypto remittances have been declining since 2022, with only $57.4 million out of the $5.46 billion sent in 2024 being in cryptocurrency. The government has made efforts to promote crypto adoption, but President Bukele acknowledged that it has not been successful in El Salvador.

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