Only 1.1% of remittances in El Salvador involve cryptocurrency
ChainCatcher news, according to the latest household remittance statistics report from the Central Reserve Bank of El Salvador, Salvadorans still prefer to use the US dollar as the basis for sending and receiving remittances. The report found that only 1.1% of remittances sent to El Salvador included cryptocurrency, indicating that the majority use other methods.The report confirms that since Salvadorans received $84.8 million in digital currency in 2022, the amount of cryptocurrency remittances has been declining. It dropped to $59.5 million in 2023 and is now projected to reach only $57.4 million by 2024.It is reported that the Salvadoran government is committed to incentivizing the use of cryptocurrency for payments and remittances, even funding the national crypto wallet Chivo and providing airdrops to citizens to familiarize them with Bitcoin.