As of November 2024, cryptocurrency wallet remittances to El Salvador are up 2.54% compared to the same period in 2023.
According to the Central Reserve Bank of El Salvador (BCR), remittances to El Salvador via crypto wallets in 2024 total $78.28 million.
The figures from the Salvadoran Reserve Bank indicate that this year’s Crypto remittances have increased by $1.94 million compared to what it received in the same months of 2023.
In November 2024, El Salvador received $6.57 million in crypto remittances, reflecting a $1.12 million increase (20.55%) compared to November 2023. This is the sixth month in 2024 where crypto remittances exceeded those of the same month in 2023.
| 2021 | 2022 | 2023 | 2024 | Change 2023-2024 |
|
|---|---|---|---|---|---|
| January | — | 10.06 | 8.37 | 6.77 | -1.60 (-19.12%) |
| February | — | 9.39 | 7.61 | 6.39 | -1.22 (-16.03%) |
| March | — | 9.83 | 8.53 | 8.00 | -0.53 (-6.21%) |
| April | — | 10.14 | 7.45 | 7.67 | 0.22 (2.95%) |
| May | — | 12.56 | 7.69 | 6.82 | -0.87 (-11.31%) |
| June | — | 11.52 | 7.01 | 6.83 | -0.18 (-2.57%) |
| July | — | 10.37 | 6.48 | 7.19 | 0.71 (10.96%) |
| August | — | 10.92 | 6.33 | 7.71 | 1.38 (21.80%) |
| September | 1.99 | 10.78 | 6.02 | 7.17 | 1.15 (19.10%) |
| October | 17.92 | 10.18 | 5.40 | 7.16 | 1.76 (32.59%) |
| November | 12.27 | 10.68 | 5.45 | 6.57 | 1.12 (20.55%) |
| December | 12.37 | 10.29 | 6.59 | ||
| Totals | 44.55 | 126.72 | 82.93 | 78.28 | 1.94 (2.54% *YTD |
| Monthly Average | 11.14 | 10.56 | 6.91 | 7.12 |
SEE ALSO: El Salvador Bitcoins: A Nation’s Journey into Digital Currency
While cryptocurrency wallets accounted for more remittances in El Salvador in 2024, they made up just 1.04% of the total.
In 2023, family remittances sent through cryptocurrency wallets to El Salvador declined by $43.79 million (34.56%) compared to 2022, dropping from $126.72 million to $82.93 million.
If the current trend continues, cryptocurrency wallet remittances to El Salvador in 2024 are expected to align with those of 2023.
SEE ALSO: Year to Date, Remittances to El Salvador
In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender alongside the US dollar.
The Bukele administration adopted Bitcoin as a legal tender to boost financial inclusion, attract foreign investment, improve the economy, and make it easier for Salvadorans abroad to send remittances home.
However, three years after its adoption, most of the population does not use Bitcoin daily, and in 2024, only 1.04% are using it to send remittances to the country.
