El Salvador introduced a fuel subsidy for every citizen who pays in BTC to encourage the adoption of the government-issued Chivo wallet by offering a discount on gasoline bought for 0.20 liters per gallon. So read more on our latest bitcoin news today.
EL Salvadoran President Nayib Bukele announced that all local consumers can cut gasoline prices to $ 0.20 per gallon by paying with the government-sponsored Chivo BTC wallet. Describing the news as great news for El Salvadorans’ pockets, the president announced the subsidies on Twitter, stating:
“The state-owned company Chivo has negotiated with the largest petrol station companies in our country so that, starting tomorrow, their petrol stations will sell every gallon of fuel with Chivo’s wallet at $ 0.20 cheaper.”
Stressing that the discount is unlimited and that any local person or business can access the discount, Bukele added that the discount will offset some of the international fuel price increases and reduce all transportation costs in the supply chain. However, some people in the country don’t seem to believe that the subsidy will benefit the public with a user contribution:
“That 20 cents will come from all of us, right? The petrol station does not work, there is a refund after paying the pedestrian tax. “
Others expressed skepticism about the government’s decision to offer discounts to people who pay with Chivo, while another user asked why the government hadn’t cut fuel prices the day before. Bukele also announced that it has approved a fund to stabilize the domestic price of liquefied natural gas. The president claimed that while the international market was planning to increase the price of a 25-pound liquefied gas cylinder by $ 0.17, Salvadorans would receive a slight discount.
He added that the government will accept the increase for one year and any decrease in global gas prices over the same period will be passed on to consumers. El Salvador accepted a fuel subsidy and was the first country to legally recognize Bitcoin as legal tender in the country. According to Bukele, a third of people in the country have used Chivo less than three weeks after its introduction. However, many expressed skepticism about Bukele’s reports on the rampant adoption of cryptocurrencies, with critic David Gerard claiming that Salvadoran officials are inventing fake presidential numbers.
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