Despite declaring Bitcoin an official currency in El Salvador in late 2021, few people are actually using the crypto for purchases in the country. And one of the common reasons cited for declaring it a currency, sending remittances back to the country from abroad, has been a bust as well. Roughly $6.4 billion dollars was sent as remittances to El Salvador from September 2021 until June 2022, but less than 2% of those were in cryptocurrency, according to Reuters. The Bitcoin experiment has also caused El Salvador’s credit rating to get knocked down repeatedly, with the country’s rating currently sitting at CC, due to the likelihood it will default on bond obligations that are coming due in 2023, according to CoinDesk.
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