‘Freedom Visa’: What’s El Salvador’s new plan to boost tourism, revenue through BTC

El Salvador, the country that historically became the first country in the world to employ Bitcoin as legal tender, has made a plan to boost its tourism industry and subsequently its economy in due course. The Central American nation’s National Bitcoin Office (ONBTC) has announced a new initiative called the Freedom Visa. This development comes after a long silence from El Salvador, which is currently working to develop a tax-free, volcano-powered Bitcoin city.

Freedom Visa is a donation-based citizenship program. Through this, El Salvador will grant residency visas to people willing to donate one million dollars worth of Bitcoin or Tether to the national treasury. To do this, the Salvadoran government has partnered with stablecoin issuer Tether, as stated in an official announcement earlier this month.

Each year, the country will give only one thousand slots, the government led by President Nayib Bukele has decided. The country is looking to leverage its status as a pro-Bitcoin nation to expand its special citizenship visa scheme to the masses.

“Based on the current level of interest, we expect the event to sell out by the end of the year. If anything, it’s actually at a really low price. While there are many citizenship programs available in the world, there is only one Bitcoin country,” Cointelegraph reports. quoted ONBTC said in an email conversation.

Commenting on the development, market analyst Alistair Milne called the Salvadoran initiative ‘uncompetitive’ compared to other similar initiatives. Milne is the Chief Investment Officer of Altana Digital Currency Fund.

Now it is just a matter of time before the program comes out and we will see how profitable it turns out to be and whether there will be a next edition or not.

El Salvador recently approved Bitcoin bonds that are scheduled to be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex, beginning in 2024.

The so-called ‘Volcano Bond’ was announced in 2021. With a minimum investment of $100 (approximately Rs 8,170), El Salvador residents will be able to enter into Volcano Bonds – which will contribute to the country’s economy. Any appreciation in the value of Bitcoin will be shared with bond holders.

Affiliate links may be automatically generated – see our ethics statement for details.

(TagstoTranslate) Freedom Visa El Salvador plan boosts tourism revenue Bitcoin cryptocurrency (T) El Salvador (T) Bitcoin (T) Bitcoin bond

Leave a comment