Cryptocurrency remittances in El Salvador have fallen by 33 %

The Central Reserve Bank (BCR) reports that El Salvador experienced a 33 % decrease in the receipt of remittances through cryptocurrency wallets from January to October 2023 compared to the same period of the previous year.

During the first ten months of 2023, the Central American country received a total of 70.89 million dollars, marking a significant drop of 34.86 million dollars compared to the 105.75 million registered in 2022.

October stood out as a critical month, with an income of 5.4 million dollars through cryptoactive digital wallets, compared to 10.18 million in the same month in 2022, representing a year-on-year decrease of 47 %.

Throughout the year, monthly income from remittances through this digital channel decreased, from 8.37 million dollars in January to 5.4 million in October. March became the month with the highest amount, reaching 8.53 million.

This income represented 1.05 % of the total remittances received by El Salvador between January and October, amounting to 6,742.18 million dollars. In contrast, in 2022, they constituted 1.64 % of the $6,419.04 million received.

It should be remembered that in September 2021, El Salvador became the first country to adopt bitcoin as legal tender along with the US dollar.

Despite this measure, a survey by the University Institute of Public Opinion of the Central American University (Iudop), released at the beginning of 2023, reveals an “almost zero use” of bitcoin in the country and the persistence of “unfavorable opinions” among the population about the crypto asset.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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