More than two years after becoming the first country to adopt Bitcoin as a legal tender, El Salvador has taken another big step towards promoting cryptocurrency.
The government of El Salvador, alongside the stablecoin company Tether, announced a joint initiative called ¡°Adopting El Salvador Freedom¡± last week that allows foreigners to obtain a Salvadoran passport in exchange for paying $1 million in Bitcoin.?
With an annual cap of 1,000 participants, this initiative aims to draw high-net-worth individuals, offering them residency and eventual citizenship in return for their investment.
The program¡¯s framework requires a $1 million investment in?BTC?or?USDT, with successful applicants gaining eligibility for a Salvadoran passport and citizenship. Adriana Mira, El Salvador¡¯s Vice Minister of Foreign Affairs,?highlighted?the program as a significant step for those wishing to contribute to El Salvador¡¯s prosperous future, as per Bitcoin news report.
According to a statement from Tether,?the new visa program enables participants to obtain a Salvadoran passport through a one-time payment of $1 million in Bitcoin, which the company is describing as an ¡°investment,¡± although it is unclear where the funding will be directed. The program is seeking ¡°visionary individuals,¡± including ¡°high-net-worth investors.¡±
Also Read:?Why?El Salvador?Has Introduced $1000 Tax On Indian Travelers
In September 2021, El Salvador became the first country to?adopt?Bitcoin as legal tender, mandating that businesses accept the leading cryptocurrency as a form of payment and rolling out a digital wallet called ¡°Chivo,¡± incentivizing citizens to partake with a $30 sign-up bonus in Bitcoin.
The plan turned out to be controversial with Salvadorans?protesting?the move¡ªalongside President Nayib Bukele¡¯s concerning autocratic shift¡ªand adoption was slow, with the vast majority of citizens sticking with cash. Meanwhile, Bukele¡¯s spending tens of millions in federal funds on Bitcoin proved disastrous, with its price plummeting from an all-time high of around?$69,000?in November 2021¡ªwhen Bukele?announced?the development of a ¡°Bitcoin City¡±¡ªto?under $17,000?at the beginning of 2023, as per Fortune.
Despite the ups and downs in?Bitcoin's price, El Salvador has proved popular with Bitcoin enthusiasts from around the world, with the?country¡¯s tourism minister?announcing in May that travellers were flocking to the country in historic numbers, driven by its commitment to crypto. That included many of the international community¡¯s most prominent ¡°Bitcoin maxis,¡± such as the influential company Swan Bitcoin, which?opened a house in El Zonte, a surf town largely credited for starting the country¡¯s Bitcoin experiment.
Also Read;?The Story Of One Of India's First?Crypto?Billionaires Jaynti Kanani
For the latest and most interesting financial news, keep reading Indiatimes Worth.?Click here.