Remittance companies in El Salvador, which recently approved Bitcoin as legal tender in the country, have reported they do not intend to support the crypto unless they receive demand from customers, Reuters reports.
Kenneth Suchoski, a fintech analyst at Autonomous Research, said local companies will only start offering customers the ability to pay with Bitcoin if they ask for it.
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However, this is unlikely to happen because "most of the volume in the remittance industry is going from developed markets to emerging markets primarily to people — families and friends — that operate in cash."
According to it, less than 1% of cross-border remittances globally are carried out with cryptos.
Therefore, companies would be forced to make an economic effort in order to adapt their systems to support Bitcoin to offer the possibility of using the cryptocurrency to a very low number of customers.