Bitcoin for remittance payments to El Salvador

Salvadorans who receive remittances from abroad either did not yet discuss the use of Bitcoin for this purpose or their relatives did not want to use it, according to a survey conducted in July 2021. From September 2021 onwards, El Salvador accepts the digital coin as a national currency alongside the U.S. dollar. One of the reasons for the government to do this is so the cryptocurrency could facilitate remittance payments from Salvadorans living abroad. This matters for the country's economy as El Salvador had one of the lowest income per capita in Latin America and the Caribbean in 2020. Crypto, according to the government, could make this process easier or cheaper.

Share of respondents in El Salvador who indicate whether their relatives abroad agree to use Bitcoin for remittance payments in 2021

Characteristic	Share of respondents
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Release date

July 2021

More information

Region

El Salvador

Survey time period

July 1-4, 2021

Number of respondents

1,233 respondents

Age group

18 years and older

Special properties

residents;

Method of interview

Face-to-face interview

Supplementary notes

This question was phrased by the source as follows: "Si tiene algún familiar fuera del país (Estados Unidos u otros) que le envía remesas, ¿está su familiar de acuerdo en el uso del Bitcoin?" (in English: In case you have a family member who lives aboard (in the United States or elsewhere) and who sends you remittances, does your family member agree to the use of Bitcoin for this?").

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