Official encrypted remittance amount in El Salvador is less than 1% of the total remittance amount
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Odaily Planet Daily News: According to data from the Salvadoran Reserve Bank, since October 2024, less than 1% of the total amount has been remitted to the country using cryptocurrency. Its president Nayib Bukele has stated that traditional financial institutions charge up to 25% of transaction fees for remittances, while the official digital wallet Chivo can achieve zero transaction fees, but cryptocurrency remittances have not been widely adopted among the country's Americanized population. According to the agreement reached with the International Monetary Fund (IMF), the Salvadoran government will terminate or sell Chivo's operations and revoke Bitcoin's legal tender status to reduce its share in the economy.