El Salvador Bitcoin “Freedom Visa” Expected to Sell Out
El Salvador’s recently launched citizenship-by-investment program, called the “Adopting El Salvador Freedom Visa Program,” is close to reaching its capacity of granting residency to 1,000 individuals who invest $1 million in Bitcoin or Tether (USDT). The government partnered with stablecoin issuer Tether to power this initiative, which offers a path to obtain a Salvadoran Passport.
Tether Powers El Salvador’s Visa Program
In collaboration with Tether, the government of El Salvador introduced the “Adopting El Salvador Freedom Visa Program.” Participants who commit $1 million in Bitcoin or USDT investment can secure one of the 1,000 citizenships offered through this program, similar to a “golden visa.”
The program embraces visionary individuals, such as high-net-worth investors, who seek to contribute to societal progress and establish El Salvador as a global hub for technology and financial innovation.
Program Nears Full Capacity
The El Salvador National Bitcoin Office (ONBTC) reported a significant number of applications for the program and expects to reach full capacity before the end of 2023.
Applying for the program involves a simple process and requires a non-refundable deposit of $999 in BTC or USDT. All applicants must also undergo know-your-customer (KYC) procedures. If the application is accepted, the deposit will be credited toward the $1 million investment requirement in BTC or USDT. Families have the option to apply collectively.
Tether’s Role in the Initiative
Tether’s CEO, Paolo Ardoino, expressed the company’s commitment to supporting cities and communities in their pursuit of financial freedom and innovation. Tether’s technological capabilities are utilized to drive growth and innovation in the region. This partnership showcases the importance of robust infrastructure in facilitating meaningful change and reinforces Tether’s dedication to advancing technology and empowering nations.
Bitcoin Adoption Benefits El Salvador
El Salvador became the first country to adopt Bitcoin as legal tender to address its mounting debt. President Nayib Bukele announced that the country’s Bitcoin holdings have become profitable, highlighting the success of their Bitcoin bet.
Bitcoin Bonds for Financing Bitcoin City
El Salvador gained regulatory approval for its Bitcoin Bonds, also known as “Volcano Bonds.” These bonds are expected to launch in the first quarter of 2023 and aim to raise $1 billion. The funds will be used to develop a Bitcoin mining industry powered by renewable energy, including energy sourced from the country’s active volcanoes. The introduction of the Volcano Bonds was initially proposed to address El Salvador’s sovereign debt and support the “Bitcoin City” project.
Hot Take: El Salvador’s Bitcoin Adoption and Visa Program Boosts Economy
The launch of El Salvador’s Bitcoin “Freedom Visa” and its adoption of Bitcoin as legal tender have brought significant economic benefits to the country. The citizenship-by-investment program has attracted high-net-worth individuals who are contributing to the nation’s growth and evolution. El Salvador’s partnership with Tether has allowed for the seamless integration of stablecoins in the visa program, fostering innovation and financial freedom. Additionally, the success of El Salvador’s Bitcoin holdings and the introduction of Bitcoin Bonds demonstrate the country’s commitment to embracing cryptocurrencies as a solution to its financial challenges. By leveraging renewable energy sources, El Salvador is paving the way for a sustainable Bitcoin mining industry, further positioning itself as a leader in the crypto space.
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