{"id":75940,"date":"2026-07-26T06:06:39","date_gmt":"2026-07-26T06:06:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/5-years-after-the-bitcoin-law-crypto-accounts-for-just-0-7-of-el-salvadors-5b-remittance-market\/"},"modified":"2026-07-26T06:06:39","modified_gmt":"2026-07-26T06:06:39","slug":"5-years-after-the-bitcoin-law-crypto-accounts-for-just-0-7-of-el-salvadors-5b-remittance-market","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/5-years-after-the-bitcoin-law-crypto-accounts-for-just-0-7-of-el-salvadors-5b-remittance-market\/","title":{"rendered":"5 Years After the Bitcoin Law, Crypto Accounts for Just 0.7% of El Salvador\u2019s $5B Remittance Market"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Despite a 39.1% annual rise, crypto handles just 0.7% of El Salvador\u2019s remittances, showing lackluster adoption.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Salvadorans still rely on traditional channels, with banks and firms processing over 84% of all funds.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The state-sponsored Chivo wallet is winding down under an IMF deal, ending hopes of saving $400M in fees.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Crypto Remittances Fail to Gain Traction in El Salvador<\/h2>\n<p>El Salvador, referred to as the bitcoin country, still lacks adoption of digital currencies in the remittances arena.<\/p>\n<p><a href=\"https:\/\/estadisticas.bcr.gob.sv\/serie\/ingresos-mensuales-de-remesas-familiares\" target=\"_blank\" rel=\"noopener noreferrer\">Numbers issued by the Central Bank of El Salvador<\/a> revealed that during the first half of 2026, only $35.4 million of the total volume of external remittances was sent to the country using digital currency channels. The figure represents less than 1% of all funds sent to the country in 2026, which reached over $5 billion.<\/p>\n<p>In comparison, cash remittances, which are handed over personally when senders travel from another country to El Salvador to visit their relatives, rose to 3.8%. Even so, crypto remittance numbers are significantly higher than those reached during H1 2025, when these registered $25.4 million in volumes, a rise of 39.1%.<\/p>\n<figure id=\"attachment_834087\" aria-describedby=\"caption-attachment-834087\" style=\"width:1280px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-834087\" class=\"wp-caption-text\">Remittance Data. Source: Central Bank of El Salvador.<\/figcaption><\/figure>\n<p>Total remittances for the period also rose from $4.84 billion to 5.06 billion, a rise of 219.2 million (4.5%). Remittance companies and banks constitute the preferred channels for Salvadorans to send money home, intermediating over 84% of the volume received from abroad.<\/p>\n<p>Since El Salvador passed the so-called Bitcoin law in 2021, crypto remittances have failed to gain traction, with Salvadorans abroad still relying on traditional remittance channels to send money.<\/p>\n<p>Remittances were one of the key elements touted by the Salvadoran government for crypto adoption, allowing citizens to save money and achieve faster settlement times using digital assets.<\/p>\n<p>Bukele himself <a href=\"https:\/\/news.bitcoin.com\/salvadoran-president-nayib-bukele-promises-bitcoin-law-wont-be-forced-on-citizens\/\">promoted the use of the Chivo wallet<\/a>, a state-sponsored wallet now winding down operations as part of a credit deal with the International Monetary Fund (IMF), to receive remittances and payments, sidestepping incumbents such as Western Union. Early reports estimated that pivoting to crypto could save Salvadorans $400 million each year in transaction and middlemen fees.<\/p>\n<p>Nonetheless, five years since bitcoin was declared legal tender, digital assets only account for 0.7% of all volumes received by Salvadorans.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/5-years-after-the-bitcoin-law-crypto-accounts-for-just-0-7-of-el-salvadors-5b-remittance-market\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Despite a 39.1% annual rise, crypto handles just 0.7% of El Salvador\u2019s remittances, showing lackluster adoption. Salvadorans still rely on traditional channels, with banks and firms processing over 84% of all funds. The state-sponsored Chivo wallet is winding down under an IMF deal, ending hopes of [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":75941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75940"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=75940"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/75941"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=75940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=75940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=75940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}