El Salvador introduces fuel subsidy to citizens who pay with the Chivo wallet

The El Salvador president declared that the citizens who pay using their BTC wallet Chivo will get a discount of 0.20 per gallon of petrol.
The El Salvador president declared that the citizens who pay using their BTC wallet Chivo will get a discount of 0.20 per gallon of petrol.

The El Salvador government has vowed to introduce Bitcoin (BTC) to every citizen of the country. President Nayib Bukele declared that the local customers who pay using their BTC wallet, Chivo, will get a subsidized discount of $0.20 per gallon of petrol.

The president described the announcement as “positive news for the pockets of Salvadorans.” On Twitter, the announcement says:

“Chivo has talked to the biggest gas stations in the country so that from October 1, the stations will give you each gallon of petrol $0.20 cheaper using Chivo wallet.”

Bukele stressed that there is no limitation to the reduction and that any local company or person can get a refund. He noted that the reduction will offset “several increases in the international price of fuels” and “reduce transportation costs in supply chains.”

Nevertheless, some Citizens do not believe that the grant eventually serves the public. They argue that the refund comes from the taxes they pay, even from the people who do not own a car or bike.

El Salvador citizens on the announcement

Many El Salvador citizens were skeptical of the decision by the government to offer the discount solely to people who pay with Chivo. Another Twitter account asked why the government did not come earlier to offer fuel discounts.

In addition to this announcement, Bukele disclosed that he had authorized a fund to “stabilize” liquified gas domestically. The president said that while an increase of 1,17 $ in prices for 25 pound liquefied gas cylinders was expected on the international market, the cost to local Salvadoran residents will be “somewhat reduced.”

He said that just for one year, the government would absorb this rise and that a decrease in international fuel prices will also be on consumers over the period.

El Salvador was the first country to adopt Bitcoin legally on September 7. Later this month, Bukele said that just under three weeks after its introduction, 33% of Salvadorans had already been using Chivo.

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