Crypto Remittances Fail to Gain Momentum in El Salvador

Since El Salvador made Bitcoin a legal tender, crypto remittances have not gained popularity in the country. Since October 2024, remittances via crypto have consistently accounted for less than 1% of the total share.

Less than 2% of the country's remittances are carried out through the Chivo wallet, and not all of those are in Bitcoin. Just 1% of remittances were sent using Bitcoin.

There also is lack of understanding about crypto in El Salvador. The country has seen a 5.6% decline in remittances sent through crypto wallets over the past seven months.

Bitcoin is not a very good currency for day-to-day transactions, especially for small-denomination purchases made by those with little money who cannot afford to withstand the price fluctuations that are common in crypto.

Salvadorans sending remittances still prefer traditional money transfer operators despite the government's efforts to promote the Chivo wallet.

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