I’m from El Salvador…UPDATE 7

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**Hi, it’s been a while since my last post, why? Because there’s nothing relevant to write about.**

In this post, I’ll answer some questions that you may have regarding btc and what’s currently happening in my country.


**What has been the impact of the btc price drop?**

Government aside, none. Most Salvadorans didn’t use btc for daily transactions, so there hadn’t been any impact on the families’ economy whatsoever. There wasn’t enough time for people to adapt and learn about btc, so just a minority might have some savings in it. Medium and big businesses still accept btc as payment since it’s law, on the other hand, small and informal businesses might not accept it, not because they’re against it, it’s just that nobody is using it…at least in the capital city where I’m from. In the coastal area where tourists visit daily, btc is more used, from foreigners to Salvadorans.

Compared to last year, chivo’s atm are now empty, they still work, but there are no longer queues nor chivo staff since most people already got the $30 bonus.


**Regarding remittances**, there’s no official data published on my country’s Central Reserve Bank (BCR) webpage, and as far as I know, the central bank secreted the information on remittances received through the chivo wallet ([article in Spanish from March 11](https://www.efe.com/efe/america/economia/el-salvador-pone-bajo-secreto-informacion-de-remesas-con-billetera-bitcoin/20000011-4759005)).

However, the president of the central bank, reported that, between January and May of this year (2022), the total amount of remittances received by the country during the first five months of the year was $3,146 million (USD), from which $52 million (USD) entered the country through chivo wallet ([article in Spanish from July 05](https://diarioelsalvador.com/el-pais-recibio-52-millones-en-remesas-a-traves-de-chivo-wallet-hasta-mayo/245842/)).

If you make the math, only 1.65% of the total remittances received between January and May were made using chivo wallet. I’m very curious about this since I saw a lot of hype on social media from Salvadorans living abroad that I thought its use would be more significant. If you know some information about this please comment below, maybe you know any Salvadorans who send remittances.


Lastly, I want to answer a question I read some time ago, **how do you cope with inflation, btc at 20k, and all sort of things happening in El Salvador?**

Many times the media make things sound out of proportion as if there was an earthquake and everything is in ruins. In El Salvador, we have been in tough times since a decade ago, up to the point that you don’t get impressed by bad administrations, corruption, and things like that. We live in a free market economy and also use USD as currency, so we are already aware of inflation and many other variables. It doesn’t matter if the government helps reducing taxes on gas and other products to fight inflation (although it is very well received), as Salvadorans we just keep working and moving forward in one way or another.


As always, I’ll try to answer your questions.

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