El Salvador Teams Up with Tether for Citizenship Program
The government of El Salvador has partnered with stablecoin issuer Tether to launch the “Adopting El Salvador Freedom Visa Program.” This initiative offers a residency visa and a pathway to citizenship for individuals willing to invest $1 million in Bitcoin within the country.
El Salvador’s Citizenship Program Requirements
To apply, you must submit a non-refundable deposit of $999 in Bitcoin or USDT. Successful candidates will undergo Know Your Customer (KYC) verification. The deposit will then be applied towards the $1 million investment required to obtain the Freedom Visa and citizenship.
Families can also apply together, allowing eligible members to participate in shaping the future of El Salvador.
Tether’s CEO Expresses Commitment
Tether’s CEO, Paolo Ardoino, stated that this collaboration is a significant moment for Tether as a technology provider. He emphasized their commitment to supporting cities and communities in their pursuit of financial freedom and innovation.
However, Alistair Milne, creator of Altana Digital Currency, believes that El Salvador’s program is not competitive globally. He pointed out that obtaining citizenship in a European Union country can be done at a lower cost. Additionally, the cost of citizenship in El Salvador is higher compared to neighboring Caribbean nations.
Potential Economic Impact
If all positions are filled, this program could generate $1 billion for El Salvador, establishing a significant revenue stream similar to Vanuatu’s citizenship-by-investment program.
Bitcoin Initiatives in El Salvador
Since legalizing Bitcoin as a tender in September 2021, El Salvador has implemented various initiatives to boost its economic growth. Volcano Energy, a local Bitcoin firm, has started a $1 billion investment in sustainable digital asset mining, with support from Tether.
Recently, President Nayib Bukele announced that El Salvador’s Bitcoin investment has become profitable as the asset’s price exceeded $40,000. The country currently holds over $130 million worth of Bitcoin.
Hot Take: El Salvador’s Innovative Citizenship Program
El Salvador’s partnership with Tether for the “Adopting El Salvador Freedom Visa Program” showcases the government’s commitment to financial innovation and growth. By offering citizenship through a significant investment in Bitcoin, El Salvador aims to attract individuals who can contribute to the nation’s progress. However, some critics argue that the program may not be competitive on a global scale due to its higher cost compared to other citizenship-by-investment programs. Nevertheless, if successful, this initiative has the potential to generate substantial revenue for El Salvador and further establish the country as a leader in cryptocurrency adoption.
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