El Salvador ‘s government loves Bitcoin, but Salvadorans? Not so much. The openly Bitcoin-friendly nation saw a sharp decline in cryptocurrency payments in 2023, despite Bitcoin’s price surge and significant governmental promotion efforts.

According to the Central Bank of El Salvador, the amount of money Salvadorans living outside their country sent to their local relatives—known as “remesas” or remittances—plummeted to $82.93 million from $116.4 million in 2022, in a stark contrast to the historical high of $8,181.8 million in all forms of family remittances—a 4.6% increase from the previous year.

According to official statistics, Salvadorans sent over $30 million less in crypto when compared to the previous year, and only 1% of the total remittances were made in crypto during all of 2023. The ratio is even worse than the 1.7% registered in 2022.

Under President Nayib Bukele’s leadership, El Salvador has engaged in aggressive campaigns to embed Bitcoin into the country’s financial fabric, collaborating with Bitcoin proponents such as
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Author: Jose Antonio Lanz

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