El Salvador Introduces Fuel Subsidy For Anyone That Buys Fuel With Bitcoin
Okay, this is becoming un real, I know I don’t live in El Salvador, but the news am seeing on tabloids regarding the country and bitcoin is really impressive. The real question I keep asking myself anytime I see any of these news is, why are the citizens complaining and why are they against bitcoin? The president, from his actions, he is making the adoption of bitcoin easier and better for the country and its economy.
The current incentive the people of El Salvador will be getting for using bitcoin is $0.2 per gallon reduction in fuel. This means that the fuel price will reduce by this amount and this amount will be covered by the government. But this is only applicable to anyone that uses the country’s bitcoin wallet app Chivo to pay. That means if you pay with bitcoin, you get $0.2 per gallon off the price.
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This subsidy has no restrictions. This is just another way to encourage the citizens to adopt bitcoin more. Just few hours ago the president announced that the official Chivo active users have extended to 3 million individuals. Just days ago it was 2.1 million people. If these numbers are true, then it’s truly impressive that the people of El Salvador are keying into the benefit of Bitcoin, being the first country to adopt it as a legal tender. Because, skeptics claim and think that these figures were made up and orchestrated for the president based on what he would like to see.
The beautiful thing about this decision made by the government is how much this will help the citizens. The citizens will not only get fuel at a cheaper price, but this means that transportation cost will be expected to reduce. While this seems like a good deal, some of the citizens seemed unimpressed.
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Sounds good, but ...
The government are trying to get everyone to use Chivo wallet. i smell a rat!
That looks suspicious for sure, but I would suggest they only use the Chivo wallet for just Bitcoin they want to spend in the country.
Let's hope so. Let's hope the masses over there are more aware than in most other places!