The proportion of encrypted remittances in El Salvador continues to be low, with less than 1% of the total amount in December last year

According to BlockBeats, on February 6th, according to Bitcoin.com, data from the Salvadoran Central Bank showed that since October 2024, the proportion of cryptocurrency remittances in the country has consistently remained below 1% of the total. This data is in stark contrast to the peak of nearly 5% when the country listed Bitcoin as legal tender in October 2021. Financial writer John Paul Koning pointed out that although President Nayib Bukele has stated that traditional financial institutions charge up to 25% of transaction fees for remittances, and the official digital wallet Chivo can achieve zero transaction fees, 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.