TechFlow news, on September 24, according to Bitcoin.comNews, the Central Reserve Bank of El Salvador released its latest household remittance statistics report showing that from January to August 2024, only 1.1% of remittance transactions involved cryptocurrencies, amounting to $57.4 million—just a small fraction of the $5.46 billion total remittances during the same period. In contrast, traditional remittance companies and banks continue to dominate the market, holding shares of 58.3% and 37.9%, respectively.
Data indicates a year-on-year decline in cryptocurrency remittances. The figure stood at $84.8 million in 2022, dropped to $59.5 million in 2023, and further declined to $57.4 million in 2024. The average value per cryptocurrency remittance transaction is approximately $260. Despite various government initiatives to promote cryptocurrency adoption—including launching the national crypto wallet Chivo and distributing Bitcoin to citizens—the impact has been limited. Salvadorans still strongly prefer using U.S. dollars for remittance transactions.
