Crypto
El Salvador: Only 1.1% of Remittances Involve Bitcoin & Cryptocurrency
El Salvador is the first country to officially accept Bitcoin as legal tender, ushering in a new financial era. President Nayib Bukele made cryptocurrencies legal in 2021, and El Salvador’s central bank now holds 5,748 BTC in its reserves. Bitcoins’ worth now stands at a whopping $363,836,214, while BTC is trading at $63,297.
However, despite being the flag-bearer of Bitcoin and cryptocurrencies, El Salvador residents are only learning about their usage. Transactions are mostly settled in the US dollar, while only a handful of them use cryptocurrencies. Widespread use of cryptocurrencies is yet to be a reality in El Salvador despite it being an official tender.
Also Read: Gold Kickstarts Rally: Targets $2,700
Just 1.1% of Remittances Are Being Made in Bitcoin & Cryptocurrencies in El Salvador: Central Bank Report
The Central Bank of El Salvador published the latest report showing that only 1.1% of all remittances are done in Bitcoin and cryptocurrencies.
The majority of transactions are still settled in the US dollar, not cryptocurrencies. The 1.1% represents $57.4 million out of the $5.46 billion sent to El Salvador between January and August 2024.
Also Read: ‘Gold Set For Best Year Since 1979’, Says Top U.S. Analyst
The report states that remittances in cryptocurrencies totalled $260 per shipment on average. Remittances in Bitcoin are also on a decline in El Salvador compared to previous years. In 2022, $84.8 million was received in cryptocurrencies in El Salvador, and in 2023, the number fell to $59.5 million. In 2024, the numbers were further reduced to $57.4 million and could dip again in 2025.
The Central Bank of El Salvador wrote that 58.3% of remitters are comfortable sending Bitcoin through private financial entities. Only 37.9% of the people send cryptocurrencies through the official channels of the banking institutions.
Also Read: BRICS: Only 3% of US Dollar’s Original Purchasing Power Remains
While 1.1% seems smaller, acceptance of digital currencies needs time as it’s still in its novice stages.
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WESTLAKE, Ohio – A convenience store clerk at 1:30 p.m. on Nov. 26 alerted a police dispatcher that a female customer was feeding large amounts of cash into a cryptocurrency ATM at the store on Center Ridge Road at Dover Center Road.
The clerk said the customer would not believe the clerk’s warning that she was being scammed.
Officers arrived to find the 71-year-old still “anxiously depositing” cash into the machine. Officers told her to stop, but she did not believe the uniformed men. The officers talked to her for several minutes before she finally believed that there was an issue. She was still on the phone with the scammer at the time.
The incident started that morning when the victim received a pop-up message on her home computer instructing her to call a provided support phone number due to a supposed issue with the computer’s operating system. She called the number and was connected to a man who claimed he was a representative from Apple, according to a police department press release.
The man talked her into allowing him remote access to her computer while he asked for her bank information. The scammer talked the victim into believing that there was a problem with her accounts, and she was at risk of losing $18,000 in connection with pornographic websites out of China or Mexico.
She was connected to a fake fraud department for her bank, and another scammer persuaded her to go to a bank and withdraw as much cash as they would allow. The scammer even told her to give the teller a story about needing cash to buy a car. The perpetrator kept the woman on the phone as she took out cash and traveled to the crypto ATM. The victim had deposited approximately $5,500 before officers persuaded her to stop. The Westlake Detective Bureau is attempting to recover the lost funds.
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