The bank with the largest number of operations in El Salvador, Banco Agrícola, maintained on Wednesday that despite the appreciation of bitcoin, it has a marginal use and the percentages of operations with that cryptocurrency are minimal through banking channels.
Despite the rise in the value of bitcoin, which exceeded 70 thousand dollars, the cryptocurrency does not yet compete with the dollar and Salvadorans lean towards the US currency to carry out their daily operations, Banco Agrícola said.
“It is still very marginal,” said Alexander Pinilla, Financial Vice President of the banking entity.
We have the option in our Mobile Banking that a credit card or loan payment can be made, without any friction, but the percentages are minimal and do not qualify as a relevant figure, it remains “absolutely marginal,” he stated. .
Remittances in cryptocurrencies barely represent one percent of the more than eight billion dollars that entered the pockets of Salvadorans in 2023.