El Salvador’s cryptocurrency remittances fell 44.5% in the first quarter of this year compared to the first four months of last year

PANews reported on June 15 that according to News.bitcoin, data from the Central Bank of El Salvador showed that in the first quarter of 2025, remittances processed through cryptocurrencies fell 44.5% compared to the first four months of 2024. During this period, Salvadorans received only $16 million in cryptocurrencies, a sharp drop from $28.83 million in the same period last year. In the first quarter of this year, cryptocurrency remittances did not even reach 1% of the total remittances received by Salvadorans. Of the more than $3 billion remitted to Salvadorans between January and April, cryptocurrencies accounted for only 0.52%.

Analysts and local media claim that the recent abandonment of Bitcoin as a legal tender and the recent “quarantining” of Bitcoin from the public sector may have influenced the results. In addition, the dissolution of Chivo Wallet, a wallet promoted by the government that could be used for remittances, may have also affected the numbers.