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El Salvador’s cryptocurrency remittances, as a proportion of total remittances, have fallen to new lows, according to data from the Banco Central de Reserva de El Salvador compiled by JP Koning.  The peak period for these transactions was when the law making bitcoin (BTC) legal tender was originally passed in 2021 and has largely fallen since then, to less than 1% of the total remittances at this point.  For December, the total amount of family remittances from “cryptocurrency digital wallets” was $7.22 million. I charted El Salvador's cryptocurrency remittances from the passing of the "Bitcoin Law" in 2021, which granted bitcoin legal tender status, until its repeal this month. The data speaks for itself. [image or embed] — JP Koning (@jpkoning.bsky.social) January 31, 2025 at 8:23 AM Despite this lull in remittances, El Salvador has still attracted a variety of crypto firms, with executives of Tether and Bitfinex purchasing ...

ASEAN nations are known to promote de-dollarization. With the ten bloc nations coming together, derailing the US dollar and finding a common currency seems to be their biggest priority at the moment. ASEAN nations are also working together to create an independent currency system that rivals the US dollar to promote the aforementioned ordeal. But will these nations be able to indeed survive without the strong backup that the USD holistically provides? Also Read: ASEAN: WEF Predicts $2 Trillion Digital Economy ASEAN Nation Philippines To Suffer Gravely If US Dollar Derails Source: ChinaDaily.com / JEWEL SAMAD / AFP) The Philippines is one of the most noteworthy countries within the ASEAN nations. It is known to attract many US remittances, typically denominated in US dollars. If the wave of de-dollarization sweeps the Philippines, it could significantly impact its remittance flow and foreign exchange earnings, tanking them both to new depths. Impact on ASEAN Member’s Remittances an...