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Bukele Wants to Make Bitcoin More Popular in El Salvador

Bukele Wants to Make Bitcoin More Popular in El Salvador

El Salvador adopted Bitcoin as legal tender less than a month ago. The country’s leader is trying to make Bitcoin more popular in El Salvador. Last week, President Nayib Bukele announced that

people can enjoy a $0.20 per gallon reduction in petrol prices when paying using the government-backed Bitcoin wallet, Chivo.

Bukele stated that the state company Chivo negotiated with the largest gas station companies in the country. From October 1, local consumers have the opportunity to pay less for fuel thanks to Chivo.

The country’s leader also noted that there is no limit to the discount. Any person, as well as the company, can access the rebate. Nayib Bukele added that the discount will erase “several increases in the international price of fuels”. It will also erase reduce transportation costs in supply chains.

Salvadorians and Bitcoin

President Bukele also revealed that he authorized a fund intended to “stabilize” the domestic price of liquified gas. He declared that while the international market planned a $1.17 rise in the price of 25-pound cylinders of liquified gas, local consumers will experience a “slight reduction” in cost.

The government of El Salvador will handle the difference only for one year. Bukele mentioned that any reductions in global gas prices will also be passed on to consumers during the period.

On September 7, El Salvador became the first country in the world to legally recognize Bitcoin as legal tender. Several weeks later, Bukele claimed that one-third of Salvadorians were already using Chivo. On September 25, he stated that 2.1 million of his fellow citizens are using the government-backed Chivo cryptocurrency wallet.

The government-backed Bitcoin wallet enables individuals and businesses to send and receive payments in BTC or dollars. Chivo is available on both Android as well as Apple devices.

Bukele’s tweet regarding the government-backed Bitcoin wallet failed to convince all citizens of El Salvador. Some of them do not think that the subsidy benefits the public. Furthermore, some locals were cynical of the government’s decision to offer the discount to only those who pay using Chivo.

Last month, protesters destroyed a crypto kiosk in El Salvador’s capital city. Even before the controversial law went into effect on September 7, El Salvador faced resistance to the seemingly radical legislation. In August, people protested against the government’s decision to adopt Bitcoin as legal tender.

The post Bukele Wants to Make Bitcoin More Popular in El Salvador appeared first on FinanceBrokerage.

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