El Salvador Introduces “Freedom Visa” for Crypto Investors
The government of El Salvador has launched a new visa program called the “Freedom Visa,” which is open to wealthy crypto investors. Under this program, individuals who invest at least $1 million in Bitcoin or Tether USDT can obtain visas and citizenship in the country. Interested participants will need to pay a non-refundable application fee of $999. El Salvador has partnered with Tether Global, the issuer of USDT, to implement this program.
Tether Powers El Salvador’s Freedom Visa Program
The “Freedom Visa” program is being powered by Tether, as announced by the company on Twitter. The collaboration between Tether and El Salvador signifies a significant milestone in the country’s economic development and innovation efforts, according to El Salvador’s Vice Minister of Foreign Affairs, Adriana Mira.
To learn more about the program, you can visit the official website:
Criticism Over High Cost
Some members of the crypto community have raised concerns about the high cost of the “Freedom Visa” program. Comparisons were made to other countries, such as Malta, Antigua, Dominica, and Barbuda, which offer citizenship for much lower investment amounts. Despite these criticisms, the program is expected to attract interest from the Bitcoin community due to El Salvador’s favorable stance on cryptocurrencies. El Salvador made history by becoming the first country to adopt Bitcoin as legal tender in 2021, under the leadership of President Nayib Bukele.
Hot Take: El Salvador’s Crypto-Friendly Approach Continues
El Salvador’s introduction of the “Freedom Visa” program demonstrates the country’s ongoing commitment to embracing cryptocurrencies. By offering visas and citizenship to wealthy crypto investors, El Salvador aims to attract significant investment and foster economic growth. While criticism regarding the high cost of the program exists, the appeal to the Bitcoin community is undeniable. With the success of adopting Bitcoin as legal tender, El Salvador is positioning itself as a crypto-friendly nation and paving the way for further innovation in the cryptocurrency space.
By
By
By
By