El Salvador received $52 million in remittances through the Chivo wallet through May

The president of the Central Reserve Bank (BCR), Douglas Rodríguez, reported that, between January and May of this year, nationals living abroad made greater use of Chivo wallet services to send remittances to their relatives in El Salvador.

Douglas indicated that the metrics of the state bank report that during this period reflect that $52 million entered the country through this tool arranged by the Government. It facilitates transferring money from abroad without subjecting the capital to the collection of commissions.

Bitcoin has circulated as legal tender in the country since September 2021, and from the beginning, one of the great benefits of resuming the virtual currency was the elimination of commission charges for sending remittances, an exemption that, according to President Nayib Bukele, would generate millionaire savings in sending money from abroad.

“This will give them freedom and financial security, in addition to receiving benefits; among them, the savings of $400 million a year in commissions to send and receive remittances, ” as explained by President Bukele.

In general, remittances received by El Salvador between January and May of this year report a growth of 3.9% when compared to the same period last year, that is, an additional $118 million was received.

The total amount received by the country during the first five months of the year was $3,146 million, reported the head of the BCR, Douglas Rodríguez, and the monthly average that families received as remittances were $318 per month, which implies an increase in value reported in 76% of the country’s municipalities.

In addition, last week President Bukele reported through Twitter that the country acquired an additional 80 units of the cryptocurrency, accumulating 2,381. The new transfer was made due to the drop in digital currency that allowed purchases at $19,000 each.

“El Salvador today bought 80 bitcoins at $19,000 each! Bitcoin is the future. Thank you for selling cheap,» the president wrote.

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