Yeah, I think most people find consumer protection regulations very reassuring. It's natural that they're reluctant to transition to a system that does not (and arguably cannot) have any.

Thank you for the info, I didn't know about Chivo. This may well be the government's attempt to address the issue of legal recourse. Interesting though that it still was barely used, at least partly because of security issues:

> Though around half of the Salvadorans surveyed have downloaded Chivo to date, with 40% of those downloads happening in September 2021, around 61% of those have abandoned it after withdrawing the $30 dollar sign-up incentive, the National Bureau of Economic Research found. Only 1.6% of all remittances were received in bitcoins via digital wallets in February 2022, according to El Salvador’s Central Bank.

> Chivo download numbers have been negligible in 2022, suggesting that the push has run out of steam. Some of those who have stuck with the application are using it for transactions unrelated to Bitcoin. The median active user does not send or receive a single Bitcoin payment a month nor make any Chivo ATM withdrawals, the survey found.

https://restofworld.org/2022/el-salvador-chivo-bitcoin-walle...