On June 15, according to Bitcoin.com, cryptocurrency remittances in El Salvador decreased by 44.5% year-on-year in the first quarter of 2025. In the first four months of this year, residents of El Salvador received only $16 million in cryptocurrency remittances, far lower than the $28.83 million during the same period last year.
Analysts believe that El Salvador's recent abandonment of Bitcoin's legal tender status and the "isolation" of Bitcoin from the public sector may have influenced this result. Additionally, the dissolution of Chivo Wallet, the state-promoted digital wallet used for remittances, could be one of the factors leading to the decline in crypto remittances. Since reaching a historical high of 5% of total remittance inflows in October 2021, the usage of cryptocurrency remittances has been on a downward trend.
