Crypto Remittances Struggle in El Salvador! 🇸🇻 Despite the initial hype, crypto remittances in El Salvador have failed to gain traction since Bitcoin was declared legal tender in 2021. 📉 Financial writer John Paul Koning (@jp_koning) highlights that usage has regressed, dropping from nearly 5% of remittances in October 2021 to less than 1% today. The Salvadoran government promoted crypto remittances as a way to save citizens from hefty fees charged by traditional services. President Nayib Bukele claimed that companies were taking up to 25% in fees, stating, “With Chivo, the commission will be 0%.” 💸 Chivo, the official government wallet, was designed to facilitate these transactions, even offering a 30 airdrop to users. However, as part of a deal with the International Monetary Fund, Chivo's operations will be terminated or sold, and the legal tender status of Bitcoin will be revoked. What are your thoughts on the future of crypto in El Salvador? Let us know! 💬