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El Salvador implementing new fuel subsidy

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Those who use bitcoin as a form of payment for petrol in El Salvador will get a discount of $0.20 per gallon.

President Nayib Bukele announced the new offering from the government and said it started on October 1. On his official Twitter account, the president of El Salvador described the news as a positive thing. Especially for the finances of his citizens.

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“The state company Chivo negotiated with the largest gas station companies in our country, so that starting tomorrow, their stations will sell each gallon of fuel $ 0.20 cheaper, with Chivo wallet.”

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All locals and companies that have a Chivo digital wallet can get a discount and there will be no limit to it. Bukele believes that this will reduce fuel prices and transportation costs for supply chains.

Things are changing fast in the Central American country. After establishing 201 ATMs in only a month, it now ranks third in Bitcoin ATM installations. El Salvador holds 70% of the total amount of crypto machines in the continent. It is positioned after the United States and Canada.

President Bukele revealed that about 3 million Salvadorans are already using the Chivo Wallet, and the number is rising.

$1 million in remittances are being received every day in the country, with no additional transaction costs.

Last week, the president announced El Salvador had officially mined its first bitcoin through volcanic energy. The country has 20 potentially active volcanoes, and 22% of the energy is supplied by them. While Bitcoin mining has been criticized for its negative environmental effects, geothermal energy can solve the problem and guarantee clean energy.

“We’re still testing and installing, but this is officially the first Bitcoin mining from the volcanode.”

Bancoagrícola is the largest bank in El Salvador. It announced back in September that it is now accepting Bitcoin payments from its clients.

They can use the virtual currency to pay for credit card debts, mortgages, and other services. To integrate the new solution into its network, Bancoagrícola collaborated with Flexa.

“We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.”


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