El Salvador Allows a Fuel Subsidy of $0.20 Per Gallon to Citizens who Pay in BTC

  • October 4, 2021
  • Jennifer Moore

Nayib Bukele, the president of El Salvador has announced that all citizens who purchase fuel in BTC will be allowed a $0.20 subsidy per liter. The subsidy is rendered in accordance with the petrol costs when a customer pays using the government-backed Bitcoin pockets, Chivo.

El Salvador President Tweets  

In the last week of September, President Bukele tweeted, “The state-corporate Chivo negotiated with the most important fuel station corporations in our nation. In order, beginning the next day, their stations will promote each and every gallon of gas $ 0.20 inexpensive, with Chivo pockets.”

Bukele has foregrounded the no-limit discount on all fuel purchases made using BTC by the locals. He highlighted the discount will erase “several increases in the international price of fuels” and “reduce transportation costs in supply chains.”

El Salvador BTC Triumphs

Additionally, the president has also approved a fund looking to “stabilize” the home value of liquefied fuel. He claims that the world market has a $1.17 upward push in the cost of 25-pound cylinders of liquefied fuel. However, the Salvadoran natives will find “a slight relief” in this respect. 

He has also said that the government will soak up the rise for 365 days. And any discounts on international fuel costs shall be offered directly to the shoppers.

Also Read: El Salvador Announces BTC Tax Exemption By the Government for Foreign Investors.

Unconvinced Citizens Remark

Despite the crypto triumph that this news entails, many Salvadorans are criticizing the President’s decision on Twitter.

Some of them appear to be skeptical if this would be beneficial to the public. While others have a cynical approach towards the subsidy announcement. 

Also Read: El Salvador Welcomes New Era Of Digital Currency with 200 New Bitcoins

Final Thoughts

In September 2021, El Salvador became the first-ever country to legalize Bitcoin as legal tender. It became a sensational achievement in the department of worldwide crypto adoption. Later that month, Bukele announced that one-third of El Salvador was already using Chivo by the third week of its launch.

 

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