The cryptosphere is (unfortunately) used to seeing governments put as many obstacles in the way of Bitcoin (BTC) and its ilk as possible. However, since El Salvador had the courage to swim against the tide, making BTC a legal tender, we are pleased to see the exact opposite: a government that encourages its citizens to use the crypto.
A $0.20 rebate per gallon of gasoline paid in BTC
This isn’t the first time Salvadoran President Nayib Bukele and his government have offered incentives to facilitate and accelerate Bitcoin adoption. In fact, a reward of $30 in BTC has been offered to Salvadoran citizens for downloading the Chivo wallet, a digital wallet based on Bitcoin’s Lightning Network.
This September 30, President Bukele announced another piece of good news for the millions of Salvadorans who have already adopted the king of cryptos and the Chivo wallet: a 20 cent US dollar discount on every gallon (3.78 liters) of fuel paid in BTC. At a time when prices at the pump are skyrocketing around the world, it’s a move that will certainly go down well with citizens.
“The state-owned company Chivo has negotiated with the largest gas stations in our country, so that starting tomorrow, their stations will sell each gallon of fuel for $0.20 less, through the Chivo wallet. This erases several international fuel price increases.”
A discount thanks to Bitcoin, valid for all
The president of El Salvador specifies in a second tweet that all Salvadorans will benefit from this reduction, without limit: both professionals and individuals. The political leader even believes that this will, in turn, reduce transportation costs in supply chains.
“This benefit has no limitation and can be used by public transport, contractors and any company or person, which represents a new direct help for the pockets of Salvadorans. (…) “
Nayib Bukele is no doubt referring to the fact that the adoption of Bitcoin is expected to save the country’s expatriates up to $400 million on fees from Western Union and other intermediaries providing cross-border transfers. Mass adoption of Bitcoin is only a matter of political (good) will. El Salvador is proving this once again.