President Nayib Bukele of El Salvador announced that local consumers are using Government-backed Bitcoin wallet, Billy Goat.
The President described the news as “good news in the pockets of Salvadorans” and announced the subsidy via Twitter on September 30. According to a rough translation, Bukele statement:
“The state-owned company Chivo is negotiating with our country’s largest gas station company so that starting tomorrow, their gas stations will use Chivo wallets to cheaper fuel per gallon by US$0.20.”
Bukele emphasized that there are no restrictions on discounts, and any local person or company can get a discount. He added that the discount would eliminate “several increases in international fuel prices” and “reduce transportation costs in the supply chain.”
However, some Salvadorans don’t seem to believe that subsidies ultimately benefit the public, Twitter user Adan_3840 Respond to:
“The 20 cents will come from all of us, right? The gas station doesn’t lose money, even the walkers pay the tax back.”
Others expressed their outrage at the government’s decision to only offer discounts to people paying with Chivo and using another Twitter account question Why did the government not take action to reduce fuel prices at an earlier date?
In addition to this news, Buckler also revealed that he has authorized the establishment of a fund aimed at “stabilizing” domestic liquefied gas prices. The President asserted that although the international market plans to increase the price of 25-pound liquefied gas cylinders by $1.17, the cost for locals in El Salvador will be “slightly lower.”
He added that the government will only absorb this growth within a year, noting that any drop in global natural gas prices during this period will also be passed on to consumers.
El Salvador becomes the first The law recognizes Bitcoin as legal tender September 7.Later that month, Bukele claimed One-third of Salvadorans are already using Chivo Less than three weeks after launch.
However, onlookers expressed skepticism about reports of Bukele’s surge in encryption adoption, and outspoken encryption critic and author David Gerrard asserted that Salvadoran officials were “providing Bukele numbers to his satisfaction,” “with the slightest inspection. Will crash”.
in his 50-foot blockchain attack In the newsletter, Gerrard analyzed the Chivo usage metrics reported by Bukele and concluded that if the president’s data is accurate, government-backed wallets “will make more transactions every day than Visa on a global scale.”