El Salvador's Bitcoin Law Fails to Deliver on Remittance Promises

The Central Bank of El Salvador reported that in the first half of 2026, only $35.4 million was received through cryptocurrency services out of more than $5 billion in total remittance volume, representing about 0.7% of the market.

This is despite Bitcoin having had legal tender status in the country for several years and the government's initial expectations that it could save Salvadorans up to $400 million a year on fees and intermediary services.

The government's Chivo wallet, which was promoted by President Nayib Bukele as a tool for payments and remittances, is scaling back operations under a credit agreement with the International Monetary Fund.