El Salvador's Bitcoin Remittances Lag at Just 0.7%

The Bitcoin Law in El Salvador has been in effect for five years, but its impact on the country's remittance market is still being felt. According to a recent report, crypto accounts for just 0.7% of El Salvador's $5 billion remittance market.

Since 2019, when the law was enacted, Bitcoin has been adopted as a legal tender in El Salvador alongside the US dollar. The government had hoped that this would reduce the country's reliance on traditional payment methods and attract more businesses to the country.

However, it appears that the adoption of Bitcoin has not lived up to expectations. Despite the government's efforts to promote crypto usage, the majority of remittances are still sent through traditional channels.