Bitcoin has been legal tender in El Salvador for three years, but people are currently using it less than they did in 2022, at least for remittances.

Remittances in Bitcoin and other cryptocurrencies sent to El Salvador fell 17.8 percent during the first two months of 2023 compared to 2022, according to the latest data published by the country’s Central Reserve Bank (BCR) reported by Agencia EFE.

As per the statement, El Salvador received a total of USD 15.98 million in cryptocurrency remittances. This amount represents a decrease of USD 3.47 million compared to the same period during the previous year when the country registered over USD 19.45 million in crypto remittances.

According to BCR’s information, remittances received through cryptocurrencies represent only 1.34 percent of the total received by the country, as of the latest report, totaling nearly USD 1.2 Billion.

Although the percentage decrease in remittances over the last two months is almost 20 percent compared to 2022, the reality is that since the implementation of the Bitcoin Law, the use of cryptocurrencies for international transactions has not had a significant impact on the Salvadoran economy.

Most Salvadorans send money using traditional services, and the amount of money they send is about the same.

During 2022, more than USD 7 billion in remittances were sent to the Central American country. However, only USD 126 million was sent using cryptocurrency, according to Prensa Latina.