El Salvador crypto remittances rise 49.7% to $17.38M

El Salvador’s Central Bank reported that crypto-linked remittances to the country rose 49.7% to $17.38 million in the first quarter of 2026, an increase of $5.77 million from Q1 2025. Those transfers accounted for 0.71% of total remittances of $2.43 billion in Q1.

The Central Bank said total family remittances reached $2.43 billion in the first quarter, a 7.3% increase from the same quarter a year earlier. March receipts were $910.81 million. The United States supplied more than 90% of the funds sent to Salvadoran households.

As part of a 2025 credit agreement with the International Monetary Fund, the government agreed to phase out the state-backed Chivo wallet, which had been promoted for bitcoin transactions and remittances. The phaseout removes the government-backed digital wallet that had been available since 2021.

In 2021, President Nayib Bukele promoted bitcoin and the Chivo wallet as tools to lower remittance costs and argued that companies such as Western Union and MoneyGram could lose up to $400 million in annual commissions if Salvadorans adopted bitcoin at scale.

Remittances are a major source of external income for El Salvador, amounting to nearly 25% of gross domestic product and exceeding receipts from tourism and foreign direct investment. Crypto transfers made up 0.71% of Q1 remittances despite the year-over-year increase.