Bitcoin has been legal tender in El Salvador for 3 years, but today people are using it less than in 2022 - at least for remittances.
Bitcoin has been legal tender in El Salvador for 3 years, but today people are using it less than in 2022 – at least for remittances.
Although the percentage drop in remittances during the last two months was almost 20% compared to 2022, the truth is that since the implementation of the Bitcoin Law, the use of cryptocurrencies for international transactions has not significantly impacted the Salvadoran economy. Most Salvadorans send money using traditional services, and the amount of money they send is pretty much the same.
One of the most likely reasons pointed out by many experts is the lack of crypto education among the population. When Bukele promoted the Bitcoin law to declare BTC legal currency, Salvadorans didn’t know what the cryptocurrency really was, how to use it, or what advantages it offered.The Bitcoin Law might have a limited impact on the remittance industry, but there is a field that is thriving thanks to Bukele’s love for crypto: tourism and foreign investments.
during an interview that “there are many bitcoiners who want to go to the country where bitcoin is legal tender.”at the beginning of 2022 that the country has become an attractive destination for Americans, who represent 60% of the total visits. This has also been pointed out by the president as a way to promote his war against organized crime.
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