TLl; Fault DR
- El Salvador subsidizes fuel buyers for Bitcoin paying buyers.
- This move is to deepen the acceptance of bitcoin among Salvadoran.
The government of El Salvador has subsidized gasoline prices for people who pay through the government-sponsored Chivo wallet program to boost bitcoin acceptance in the country.
Vice President Buckle announced the news in a Twitter post Salvadorians who pay for bitcoin gasoline are priced at $ 0.20 per gallon when using Chivo wallets to pay.
“The state-owned company Chihuahua has negotiated with the largest gas stations in our country, so that from tomorrow, their stations will sell each gallon of fuel for $ 0.20 cheaper per chio wallet,” Buckel wrote in Spanish on Twitter.
The President noted that there are no restrictions on discounts and individuals and organizations can use the discount. According to the President, the $ 0.20 discount eliminates “several increases in international fuel prices” and “reduces the cost of transportation in supply chains.”
Among the subsidies, El Salvador is working to stabilize fuel prices
President Buckel also revealed that authorized budgets have been spent to ensure that gas prices stabilize. The president said that while the international market was planning a $ 1.17 increase in the price of 25-pound liquefied petroleum gas cylinders, locals in Salvador would experience “little cost.”
However, he said that the global increase in fuel prices will only be absorbed by his government for a year, and said that if prices fall during this period, it will be passed on to local people.
Bokle said the move would not only reduce and strengthen the pockets of households but also small businesses
The country’s economy and the most vulnerable sectors will also feel the benefits of El Salvador’s economic growth.
The Latin American country made history in September to become the first country to make bitcoin a legal tender, and weeks later, the president said a third of the country’s population had accepted the virtual asset three weeks after its release. اند.