El Salvador Launches “Adopting El Salvador Freedom Visa” Program
El Salvador, known for making Bitcoin legal tender, has introduced a program called “Adopting El Salvador Freedom Visa” with a budget of $1 million. The program aims to attract individuals who are interested in obtaining residency and citizenship through investment, similar to Golden Visa programs in other countries. It is limited to 1,000 participants per year.
Under the program, investors can apply by investing $1 million in either Bitcoin (BTC) or USDT. Successful applicants will also be eligible for a Salvadoran passport and citizenship. El Salvador’s Ministry of Foreign Affairs believes that if all spots are filled each year, the program has the potential to generate $1 billion annually for the country.
Tether’s Role in the Program
Tether, the stablecoin issuer, is partnering with El Salvador as the technology partner for the initiative. Tether CEO Paolo Ardoino stated that this partnership showcases their commitment to supporting financial freedom and innovation. Former CTO Ardoino recently took over as CEO of Tether.
El Salvador’s Bitcoin Portfolio
El Salvador President Nayib Bukele announced that the nation’s Bitcoin portfolio is now back in profit by approximately $3.6 million after being in a deficit for some time. This was seen as a response to critics who doubted the country’s decision to invest in Bitcoin. However, some individuals have disputed Bukele’s claim, stating that the information about El Salvador’s Bitcoin treasury provided by him is false.
Hot Take: El Salvador Pioneering Innovation with Freedom Visa Program
El Salvador continues to make headlines by introducing innovative initiatives like the “Adopting El Salvador Freedom Visa” program. This program not only offers individuals the opportunity to invest in Bitcoin or USDT but also provides a path to residency and citizenship. By collaborating with Tether, El Salvador is leveraging technology to attract investors and shape a prosperous future for the country. Despite some skepticism, the nation’s recent success with its Bitcoin portfolio showcases its commitment to pioneering financial innovation. El Salvador’s initiatives are setting a precedent for other countries to explore similar opportunities.
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