Here’s how El Salvador is fostering Bitcoin [BTC] adoption despite a bumpy start

El Salvador’s adoption of Bitcoin [BTC] has opened a can of worms. As thousands of protestors took to the streets to oppose the introduction of the cryptocurrency as a legal tender, the audacious experiment got off to a bumpy start. However, Salvadoran President Nayib Bukele has been looking for innovative ways to increase the adoption of BTC.

Bukele took Twitter to reveal that the country’s local consumers can enjoy a $0.20-per-gallon cut in the prices of petrol is paid using the government-backed Bitcoin [BTC] wallet, called Chivo. He also highlighted that that there is no limit to the discount. Additionally, any individual and company can access the rebate. and that the discount will eventually lessen the international price fluctuations of fuels and, at the same time, reduce transportation costs in supply chains.

From planning to offer eco-friendly BTC mining facilities, to not taxing foreign BTC investors on the capital increase or income and other strategies, El Salvador President has bold plans for the country but not everyone shares his views.

El Salvador has 3M userbase on Chivo

Bitcoin’s nationwide launch as a legal tender with the help of the Chivo crypto wallet did not roll out as smoothly as expected initially. However, after almost two months, the wallet is now being used by 3 million people in the country of 6.5 million. This was disclosed by the President of the Central American country in the following tweet.

Bitso, which happens to be a Mexican cryptocurrency exchange, had earlier been revealed to serve as Chivo’s key service provider. Despite the popularity, the government’s new digital wallet is also mired with its fair share of controversies. Chivo means “cool” in Salvadoran slang and it was created to facilitate Bitcoin transactions. However, the fact that it’s quite seamless with users who can instantly top up their balances and shift between dollars and small, fractional amounts of the crypto is what makes it a “perfect tool for speculation.”

Also, not every Salvadoreans share the same optimism as the 40-year of President. Notable figures in the industry have expressed skepticism over Bukele’s claims of increasing Bitcoin adoption in the country. One of the most prominent ones is the long crypto critic and author David Gerard who has been vocal about his stance. He had previously stated that the country’s officials are “feeding Bukele numbers that please him” that “fall apart under the slightest examination.”