Bitcoin-related Services Offered to People in El Salvador?

8:09 am, Mon, 4 October 21

The official adoption of Bitcoin by El Salvador and mining of the first BTC at the volcano-powered mining facility, have been intriguing news for crypto enthusiasts.

Now, another initiative has been taken by the government, according to which, citizens can get a reduction in petrol prices if they pay through the Chivo wallet.

Initiatives such as this are being planned to smooth out the after-effects of Bitcoin adoption. This is because a good number of citizens in the country have been skeptical about the adoption and how vast the use of BTC can be.

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What Kind of Discount Can Consumers Enjoy?

According to reports, the discount on petrol prices by paying through government-backed Chivo wallet was announced by President Nayib Bukele.

According to his announcement, consumers who use the Chivo wallet and make the payment through BTC will get a discount of $0.20 per gallon. This has been announced to promote the use of the Chivo wallet and Bitcoin.

The state company Chivo has reportedly negotiated with the largest gas station companies in the country to make the discount possible. President Bukele has also described this as “positive news for the pockets of Salvadorans.”

According to the President, two benefits will arise from using the discount offered by using the Chivo wallet:

  • This discount will eliminate the international price surges seen for fuel.
  • The discount will also reduce the cost of transportation in supply chains.

The Salvadoran President also pointed out that the discount has no limits and any citizen or company can access the refund.

After the official adoption of BTC, it was revealed that nearly one-third of Salvadoran citizens started using the Chivo wallet within three weeks of the adoption. The discount offered for the petrol prices is a way to increase the number of people who use the Chivo wallet.

This can be seen as a good initiative to seamlessly integrate the use of the wallet and BTC in daily life. However, some citizens are not so convinced and do not see this as a strategy that benefits the public.

The decision to offer a discount to Chivo users is under extreme scrutiny as people are wondering why the discount is only offered to the users of the wallet. Many have also asked why the government did not decide to offer a fuel discount for the public earlier.

It has also been reported that the Salvadoran President has authorized a fund that will “stabilize” the liquified gas’ domestic price. While the price of 25-pound liquified gas will see an increase of $1.17, the citizens of El Salvador will get it at a slightly reduced cost.

Where Does BTC Stand Now and Will it Surge Higher?

Bitcoin is the flagship crypto asset that is currently trading at $47,813 (at the time of writing). After briefly reclaiming the $50,000, it is once again dropped and is struggling to reach that price mark.

Here is a graph by CoinGecko that shows the ups and downs in BTC’s price over the past month.

btc-graph-04-10-2021

The price of Bitcoin is volatile, as is the overall crypto market. Therefore, its price surge in the future cannot be predicted with certainty.

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