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El Salvador is the first country in the world to grant Bitcoin legal tender status. To promote the use of the crypto among its residents, the government has introduced a fuel subsidy for locals who use BTC to pay for their petrol.
President Nayib Bukele announced that El Salvadorians will get a discount of $0.20 per liter in petrol if they pay in Bitcoin using Chivo, the government-backed crypto wallet. The government entered into an agreement with the country’s largest oil stations to implement the fuel subsidy program.
“The state company Chivo negotiated with the largest gas station companies in our country so that starting tomorrow, their stations will sell each gallon of fuel $ 0.20 cheaper, with Chivo wallet,” Bukele announced on Twitter on September 30. “This erases several increases in the international price of fuels.”
The President highlighted that there are no limits as to the applicability of the fuel subsidy as both local inhabitants and companies are qualified. Bukele expects a significant reduction of transportation costs as one of the benefits of the government program.
“This benefit has no limit and can be used by public transport, entrepreneurs, and by any company or person, which represents another direct relief to the pockets of Salvadorans. It will also reduce transportation costs in supply chains,” the El Salvador president added.
However, some residents are doubtful if the subsidy would ultimately benefit the public as claimed, according to Cointelegraph. A Twitter user pointed out that gas firms will still be paid from money coming from taxes but those taxpayers who don’t commute or drive won’t get any benefit at all. Others also complained that those who don’t use the Chivo Bitcoin wallet won’t get any benefit as well.
“Those 20 cents will come from all of us, right? The gas station does not lose, there goes the refund after paid with the taxes of even those who walk on foot,” Twitter user Adan_3840 said.
Bukele also announced that he has set up a fund to help stabilize liquefied gas prices in the local market as the international market revealed plans of increasing the price of a 25-pound cylinder of LPG by $1.17. However, the government will only absorb this price increase for only one year.
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