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Home Bitcoin News
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petrol 996617 960 720

El Salvador Introduces $0.20 Fuel Discount for Paying with Bitcoin

Tom Nyarunda by Tom Nyarunda
October 4, 2021
in Bitcoin News
Reading Time: 3 mins read
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El Salvadorian President Nayib Bukele is stepping up his efforts to promote the use of Bitcoin in El Salvador. He announced that people will now receive a $0.20 per gallon discount for people who pay for gas with Bitcoin through the Chivo cryptocurrency wallet. 

2. La empresa estatal Chivo negoció con las empresas gasolineras más grandes de nuestro país, para que a partir de mañana, sus estaciones vendan cada galón de combustible $0.20 más barato, con @chivowallet.

Esto borra varios aumentos del precio internacional de los combustibles. pic.twitter.com/V3qG168isV

— Nayib Bukele 🇸🇻 (@nayibbukele) September 30, 2021

Last Friday, the El Salvadorian President announced that local fuel consumers could enjoy a $0.20 per gallon discount in fuel prices when paying with cryptocurrency. The President said via a Twitter announcement the subsidy was “positive news for the pockets of El Salvadorians.” Bukele stated: 

“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.”

No limits to the discount

According to the posters announcing the rebate, the $0.20 fuel discount will run from September 30 to at least October 14, 2021. Any local company, public transport company, or ordinary El Salvadorian will qualify for the benefit if they use the Chivo wallet.

The President said there was no limit to the discount, adding that the $0.20 fuel discount would erase “several increases in the international price of fuels” and “reduce transportation costs in supply chains.” Bukele added: 

“If there are reductions, they will be transferred directly to the price of LPG cylinders (of all existing brands in our country) to consumers.” 

Over 2 million Salvadorans are actively using the Chivo wallet

Some El Salvadorians, however, are still skeptical about the whole subsidy issue that would ultimately benefit ordinary citizens. Twitter user Adan_3840 quipped: 

“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.”

The Salvadoran President is actively promoting the use and continued education of Bitcoin and the government-backed Chivo wallet app. The President recently announced that over 2 million Salvadorans were actively using the Chivo wallet.

2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).

Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.

This is wild!#Bitcoin🇸🇻

— Nayib Bukele 🇸🇻 (@nayibbukele) September 25, 2021

However, the decision to legalize BTC as legal tender continues to elicit mixed reactions among citizens and the international community. 

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Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

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