The state-owned company behind the Chivo wallet is set to grant citizens a discount on payments for fuel in an effort to further encourage people using bitcoin.
‘Chivo,’ the digital wallet created by El Salvador’s state-owned company, will provide a discount on fuel payments to its residents. In this manner, he hopes to increase the number of individuals who utilize bitcoin as a means of trade.
Earlier today, El Salvador’s president, Nayib Bukele, revealed additional advantages of utilizing the Chivo wallet on Twitter. According to the latest statistics, the government has been working to reduce fuel costs.
The government will subsidize any rises in fuel prices on foreign markets for one year. It is anticipated that this would lower costs for consumers and small companies while also strengthening the economy.
Additionally, Chivo’s portfolio will get a portion of the proceeds from the joint venture. Wallet users will pay $0.20 less per gallon of gasoline than they would otherwise pay because of a collaboration between the business behind the product and the nation’s biggest gas stations.
The collaboration with Chivo will also encourage people to use bitcoin. Numerous individuals have expressed their doubts, and organized demonstrations since the legislation making BTC legal currency was enacted.
Although people, the media, and bankers were all against him, Bukele remained steadfast. To encourage people to adopt the new payment method, Chivo issued a $30 cryptocurrency when it first debuted.