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Bitcoin Remittances Decline in El Salvador in First Half of 2023

According to data from Banco Central de Reserva (BCR), the use of Bitcoin and other cryptocurrencies for remittances in El Salvador has significantly declined in the first half of 2023. Remittances to the country rose by 5.2% compared to the previous year, with traditional banking institutions processing $1.45 billion and dedicated remittance platforms handling $2.4 billion.

However, only $46.7 million of remittances were sent through digital currencies. El Salvador's Bitcoin project has faced challenges, with two-thirds of the population considering it a failure and the country suffering paper losses of over $60 million on its 2,381 BTC investment.

Bitcoin Bitcoin $97,416.02
+2.74%
Bitcoin El Salvador
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