Only 1.1% of remittances in El Salvador involve cryptocurrencies

Salvadorans still prefer to use the US dollar as the basis for sending and receiving remittances, according to the latest Statistical Report on Household Remittances from the Central Reserve Bank of El Salvador. The report found that only 1.1% of all remittances sent to El Salvador included cryptocurrency, indicating that most were using other means. The report confirmed that the amount of cryptocurrency remittances has been declining since Salvadorans received the digital currency 84.80 million dollars in 2022. It dropped to 59.50 million dollars in 2023 and now reaches only 57.40 million dollars by 2024.
It is reported that the government of El Salvador is committed to incentivizing the use of cryptocurrencies for payments and remittances, even funding a national crypto wallet, Chivo, and providing citizens with airdrops to familiarize themselves with bitcoin.