Crypto Remittances Grow In El Salvador Reaching 1% Share

The Reserve Central Bank has confirmed that the cryptocurrency usage for remittances in El Salvador is still marginal at best. According to recent data released by the institution, crypto remittances registered a growth of 2.5% between January and August, but still account for just 1% of all the volumes transferred to Salvadorans from abroad. One of the use cases that was most promoted by President Bukele, the crypto industry has failed to make a dent in the dominance of banks, which received 38.3% of all the remittances during this period, and also of remittance-focused companies, that accounted for almost 58% of the value obtained by Salvadorans.

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