According to PANews, data from the Central Bank of El Salvador reveals a 44.5% decrease in cryptocurrency remittances during the first quarter of 2025 compared to the same period in 2024. Salvadorans received only $16 million in cryptocurrency, a sharp decline from $28.83 million the previous year. Cryptocurrency remittances accounted for less than 1% of the total remittances received by Salvadorans during this period.
Between January and April, over $3 billion was sent to Salvadorans, with cryptocurrency making up just 0.52% of this amount. Analysts and local media suggest that the recent abandonment of Bitcoin as legal tender and its isolation from the public sector may have contributed to this outcome. Additionally, the dissolution of Chivo Wallet, a government-promoted wallet used for remittances, might have impacted these figures.
