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.
Tether powers El Salvador’s visionary Freedom Visa program through technology support :flag-sv::volcano:
Experience freedom, security and a #bitcoin lifestyle by adopting El Salvador as your home through the Freedom Visa program.
For more information, please visit :arrow_down:https://t.co/QdF6XPDsO3
– Tether (@Tether_to) 7 December 2023
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.
El Salvador offers visas and citizenship to anyone who invests $1 million (in USDT or Bitcoin) in the country
Clearly uncompetitive in the global market (can get EU citizenship at a lower price) Very disappointing https://t.co/ALydiMAJRj
– Alistair Milne (@alistairmilne) 7 December 2023
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.
Volcano Bond recently received regulatory approval from the Commission for Digital Assets (CNAD).
We estimate that the bond will be issued during the first quarter of 2024.
This is just the beginning of new capital markets #Bitcoin In El Salvador.
– Bitcoin Office (@bitcoinofficesv) 12 December 2023
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.
(TagstoTranslate) Freedom Visa El Salvador plan boosts tourism revenue Bitcoin cryptocurrency (T) El Salvador (T) Bitcoin (T) Bitcoin bond