El Salvador’s government has launched a campaign to promote its Chivo bitcoin (BTC) wallet, which allows citizens and companies to buy fuel at a subsidised rate when world prices climb.
President Nayib Bukele said that Chivo operators had reached an agreement with two fuel distribution businesses, resulting in a USD 0.20 per gallon discount for Chivo users at gas stations around the country.
According to Bukele, the “state-owned company Chivo had negotiated with the country’s main gas station companies and the action would mitigate several hikes in the international price of fuel.”
The president went on to say that the discount would be “unlimited and that it would apply to “not only individuals, but also public transportation providers, entrepreneurs, and all businesses.” According to him, the discount will be good from September 30 until October 14.
According to the official outlet Diario El Salvador, “taxi drivers, Uber and InDriver drivers, public transportation, school transport operators, private motorcyclists, couriers, private vehicles, delivery personnel, travellers, and item distributors” would all benefit.
The President went on to say that the move will also “reduce transportation costs in supply chains.”
According to ElSalvador.com, the international picture “will drive up the price of gasoline and diesel” in the country, adding that “there have been at least 15 hikes in fuel prices and only three decreases” this year alone.