Bitcoin remittance boom in El Salvador

With its president making it the first country to recognize bitcoin as a currency Legal currency, inviting miners to They set up shop among the volcanoesCurrently, El Salvador is at the epicenter of the Bitcoin world. And while these developments are relatively new, the adoption of BTC was clearly underway in the country’s daily use of bitcoin as a financial bar.

“Monthly bitcoin transfers of less than $1,000 — a proxy for money sent into the country from Salvadorans working abroad — totaled $1.7 million in May compared to $424,000 a year earlier,” according to data from blockchain analysis firm Chainalysis, shared exclusively with Reuters. “These transfers peaked at $2.5 million in March, although unavailable compared to the previous year.”

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