Digital Assets: In El Salvador, Pay For Gas With Bitcoin To Get A Discount

October 4, 2021 | Digital Assets, News
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This is the latest move by Salvadoran President Nayib Bukele to popularize Chivo, the government-backed bitcoin wallet.

El Salvador residents get another reason to use their Chivo bitcoin wallet. Buying gas with it will earn them a discount of $0.20 per gallon, according to an announcement by President Nayib Bukele.

Taking to Twitter, Bukele said on September 30: “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.” (Translated)

Bukele also announced the formation of a fund to stabilize domestic liquified gas prices in the country. He assured that though international prices were rising, Salvadorans would enjoy a slight reduction in prices of cooking gas. If international prices declined, the benefit would be passed on to the citizens. (COIN TELEGRAPH)

El Salvador: Volcano mining of bitcoin

Last week, Bukele unveiled bitcoin mining using energy from a volcano. He shared a video titled “First Steps” via Twitter that depicted ASIC bitcoin mining rigs being installed at a geothermal energy plant. (Bitcoin.com)

Bukele disclosed during an interview with Peter McCormack on an episode of “What Bitcoin Did” that the bitcoin mining project using volcanic energy would cost $480 million.

“So that’s going to be a legacy for the country because we are building infrastructure paid by bitcoin,” Bukele said.

He also said that geothermal energy was “a very, very clean source of energy” and that it had “almost no downsides.”

However, the president was criticized by some Salvadorans for mining bitcoin with energy that was sorely needed in the country’s rural interiors.

Related Story: President Bukele Says More Than Two Million Salvadorans Using Chivo Crypto Wallet

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