A heavy discount on purchasing fuel is set to be offered to the consumers ready to pay through BTC. El Salvador is finding ways to promote the government-licensed Bitcoin this way. The locals and travellers can save an amount of up to $0.20 on every gallon of petrol purchased through the government-issued Bitcoin named Chivo.
On 7th September, El Salvador has globally and legally accepted Bitcoin for legal trades. It became the first nation to take this step. Around 33% of the population in El Salvador was paying using Chivo within a month of launch.
The President, Bukele issued a statement regarding the same highlighting that there was no limitation on who avails the discount. Any company or local residents could access it. However, a set of citizens is not happy with the decision saying that the 20 cents saved are actually the taxpayers’ money even paid by the people on foot. There is nothing lost by the gas station or fuel-providing companies. Another set believes that the government’s offer of discounts only for Chivo payers is inappropriate. In fact, the administration should take steps on relieving consumers from soaring fuel rates.
Bukele also pointed that a fund has been set up to balance the price of liquid gas. The locals can enjoy price reductions in the fuel despite the international cost increase of up to $1.17 for a 25-pound liquid gas cylinder. He further stated that the government shall only bear one year’s cost of international gas price rise and it would be implied on the consumers in that duration.
Bukele is also under scrutiny for excessive promotions and encouragement regarding Chivo usage. Gerard in the newsletter “Attack of the 50 Foot Blockchain” has claimed that the Chivo utilization data provided by the Bukele government (if it’s true) suggests that the exchange of Chivo might cross the visa transactions made in a day.
