El Salvador introduces fuel subsidy of $0.20 per gallon to locals who pay in BTC

El Salvador introduces fuel subsidy of $0.20 per gallon to locals who pay in BTC

El Salvador is trying to adopt its government-issued Chivo Bitcoin Wallet by offering a  0.20$ per gallon discount on petrol purchases to customers who pay through BTC.

El Salvador's Vice President Beckley has announced that local consumers can enjoy a $ 0.20 per gallon reduction in gasoline prices when they pay using a government-backed bitcoin wallet, the Chivo.

Calling the news "positive news for Salvadorin's pockets", the president announced the subsidy on Twitter on September 30.

"The state-owned company Chivo negotiated with our country's largest gas station companies to sell their stations at 0.20$ cheaper per gallon of fuel from tomorrow, with the Chivo wallet."

Bukele stressed that there is no limit to the discount and any local person or company can access the discount. He added that the concession would "increase the international price of fuel several times" and "reduce transportation costs in supply chains".

However, some Salvadorians disagree that the subsidy ultimately benefits the public, Twitter user Adan_3840 replied:

"Those 20 cents will come from all of us, right? The gas station doesn't lose, even the pedestrians get their money back after paying taxes."

Others opposed the government's decision to grant discounts only to those who pay using Chivo, with another Twitter account asking if the administration had an earlier date for providing relief on fuel prices. But why not?

Along with the news, Beckel also revealed that he has authorized a fund aimed at "stabilizing" the domestic price of liquefied natural gas. The president stressed that there was a plan to increase the price of a 25-pound cylinder of liquefied natural gas in the international market by  1.17$, but locals in El Salvador would experience a slight reduction in price.

He added that the government would absorb the increase for one year only, noting that any reduction in global gas prices would be passed on to consumers during that period.

El Salvador became the first country to legally recognize the bitcoin as a legal tender on September 7, and earlier this month, Becknell claimed that one-third of El Salvador's share was issued less than three weeks before it began. Is using

However, spectators have expressed skepticism about reports of Buckley's growing adoption of cryptocurrencies, with clear corruption critic and author David Gerrard insisting that Salvadoran officials are feeding Buckley numbers. Make him happy "who" fall apart under a simple test. "

In an attack on his 50-foot blockchain newsletter, Gerard analyzed the matrix of Chivo usage reported by Buckley, concluding that if government-backed wallets "would make more transactions a day than visas worldwide" "If the president's data was correct.
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