Crypto Remittances Plunge in El Salvador: A Major Setback for Bitcoin Experiment

El Salvador’s experiment with cryptocurrency remittances has hit a major snag as the value of these transactions has plummeted by 45% since last year. This sudden decline raises alarm bells about the country’s economic stability and could significantly impact Salvadorans who rely on crypto-based transfers for income. The drop, attributed to Bitcoin’s volatile price swings, signals a significant challenge to El Salvador’s effort to replace traditional remittance services like Western Union with a digital alternative.