Cryptocurrency Transfers Account for Only 0.68% of Remittances Received in El Salvador

El Salvador received USD 51.75 million in remittances through cryptocurrency wallets between January and September 2026, an increase of 28.7% compared to the same period in 2025, according to data from the Central Reserve Bank (BCR) cited by EFE. The amount exceeded USD 11.54 million more than the USD 40.21 million recorded during the first nine months of last year. Despite the year-on-year growth, transfers made through this channel maintained a small share within the total flow of money that Salvadoran households receive from abroad. Total remittances amounted to USD 7,619.92 million between January and September 2026, meaning that transfers via digital wallets accounted for 0.68% of the total. In the same period of 2025, they represented 0.55% of USD 7,358.98 million that entered the country as remittances. The data cited by EFE shows that income from cryptocurrency wallets had its highest monthly record in May, with USD 6.15 million. In June, it reached USD 6.12 million, and in February, it hit USD 6 million.

The Month with the Highest Income

The year began with USD 5.56 million received in January through this modality. In March, transfers totaled USD 5.82 million, while in April, they were USD 5.72 million. After the peak in May, amounts decreased during the third quarter. In July, USD 5.74 million were recorded, in August USD 5.48 million, and in September USD 5.16 million. The evolution of this channel contrasts with the annual performance of 2025. In the 12 months of that year, remittances received through cryptocurrency wallets fell by 32.5%, to USD 57.67 million. The figure was USD 27.83 million lower than the USD 85.50 million counted in 2024. The accumulated increase between January and September 2026 brings the volume of digital transfers closer to the total recorded during the entire previous year, although it remains to be seen how October, November, and December will perform.

Majority Rejection of Everyday Bitcoin Use

El Salvador adopted bitcoin as legal tender in September 2021, alongside the US dollar. The decision made the country the first in the world to grant that status to the cryptocurrency and was one of the main economic bets of President Nayib Bukele. The measure included the launch of a state wallet and the promotion of payments, purchases, and transfers with digital assets. The government also granted tax exemptions to attract investors linked to cryptocurrencies. However, more than 90% of the population rejected using bitcoin for everyday transactions, according to data collected by EFE. The dollar maintained its dominance in commercial operations and family remittances.

The Agreement with the IMF and Changes in Regulation

After the Salvadoran government reached a USD 1.4 billion agreement with the International Monetary Fund (IMF), the Legislative Assembly approved changes to the regulation regarding bitcoin. The Congress, controlled by the ruling party Nuevas Ideas, removed the cryptocurrency's status as legal tender. The reform also reduced the state's role in the circulation and use of this digital asset. BCR records allow measuring the weight of transfers through cryptocurrency wallets within the remittance sending, one of the main sources of foreign currency for the Salvadoran economy. Although the channel showed a year-on-year increase until September, its share still remained below 1% of the total received by the country.