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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La entrada Cryptocurrency remittances in El Salvador have fallen by 33 % apareció primero en Bitfinance.

The Central Reserve Bank (BCTR) of El Salvador revealed data on the country’s interannual inflation rate, which remains above 3 % for the fourth consecutive month.

According to the regulatory body of the Central American country, in September the index fell slightly, standing at 3.02 %. However, the upward trend continues.

The results, which were released this Monday, “indicate that the parameter of the consumer price index, which is the indicator used to measure inflation, also added 12 months registering decreases since August 2022.”

Last year, the index marked 7.49 % for the same month. For its part, the National Statistics and Census Office (ONEC), dependent on the BCR, registered for the month of August “increases in the CPI of restaurants and hotels (6.53 %), food and non-alcoholic beverages (6.11 %) and alcoholic beverages and tobacco (4.48 %)”.

The growth outlook for the Salvadoran economy suffered an adjustment at the beginning of this month, of 2.3 %, despite the fact that in June it was estimated at 2.8.

In this sense, “the growth prospects for the region, indicated in the report Connected: Digital technologies for inclusion and growth”, are estimated at 2.8 % in 2023 and 2.3 % in 2024.

M.Pino

Source: swissinfo

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La entrada Inflation in El Salvador remains above 3 % apareció primero en Bitfinance.

The receipt of remittances through cryptocurrency wallets in El Salvador experienced a significant decrease of 26.5 % during the first half of 2023, according to data from the Central Reserve Bank.

Official figures show that between January and June of this year, the Central American country received a total of 46.66 million dollars in remittances through cryptoactive digital wallets, which represents a reduction of 16.84 million dollars compared to with the 63.5 million dollars received during the first half of 2022.

In the month of June, the state bank reported an income of 7.01 million dollars through digital cryptocurrency wallets, while in the same month of the previous year the figure reached 11.52 million dollars, which represents a year-on-year decrease of 39.14 %.

The data indicates that monthly income through this digital mechanism has been consistently lower in 2023 compared to the previous year.

These incomes between January and June represent only 1.16 % of the total of 4,019.75 million dollars in remittances that El Salvador has received in said period.

It is relevant to remember that in September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender along with the US dollar.

However, a survey carried out by the University Institute of Public Opinion of the Central American University (Iudop) in mid-January of last year revealed an “almost zero use” of bitcoin in El Salvador during 2022 and a persistence of “unfavorable opinions”. among the population about the cryptoactive.

K. Tovar

Source: Bancaynegocios

(Reference image source: rc.xyz NFT gallery, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Cryptocurrency remittances fall 26.5 % in El Salvador apareció primero en Bitfinance.