Despite an early peak of nearly 5% in October 2021, crypto remittances have dwindled significantly and now comprise less than 1% of total remittances to El Salvador as of December 2024.

The Salvadoran government, led by President Nayib Bukele, initially endorsed crypto for remittances to alleviate fees charged by traditional services. However, the Chivo wallet has struggled to gain popularity.

Due to commitments to the International Money Fund (IMF), the government plans to terminate or sell Chivo operations, reflecting a retreat from promoting Bitcoin as legal tender.