Bitcoin Fails to Gain Traction in El Salvador Remittances

Five years after El Salvador made Bitcoin a legal tender, it still holds less than 1% of the country's remittance market. According to data from the Central Bank, in the first half of 2026, only $35.4 million USD was received through cryptocurrency services out of more than $5 billion USD in total remittances.

The result is modest compared to expectations, which included lower fees, faster settlements, and less dependence on traditional operators. President Nayib Bukele actively promoted the state wallet Chivo as a tool for payments and remittances, but it's winding down operations under an agreement with the International Monetary Fund.

The dominance of banks and money transfer services remains strong, making it difficult for cryptocurrency channels to gain traction. While digital assets are growing in volume, they still have a long way to go before becoming a mainstream channel for family remittances.