- El Salvador launches a $5 billion fund for 5,000 free citizenships.
- The upcoming Latin American nation is $84M up on BTC investments.
- El Salvador faces scrutiny from the International Monetary Fund.
El Salvador has taken its Bitcoin hospitality to another level. The recently re-elected President Nayib Bukele has extended an invitation to talent from abroad, including “highly skilled scientists, engineers, doctors, artists, and philosophers.”
Bukele explained that giving 5,000 foreigners an El Salvadoran passport with voting rights poses no issue, as it represents less than 0.1% of the country’s population. Bukele went on to highlight the potential to contribute to El Salvador’s developing society and help shape the future.
Welcome Gift: No Taxes & Tariffs for Newcomers
Adding to the list of benefits, Bukele insisted that his government is obliged to facilitate program winners’ families by dropping fees to zero on “commercial value items like equipment, software, and intellectual property.”
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Following Bitcoin’s recently claimed new all-time high of $73,737 25 days ago, El Salvador installed a physical vault for the cold storage-kept BTC. The government revealed the address to the public, receiving donations in digital currency and collectibles.
Crypto enthusiasts on X are praising Bukele’s move, as the country skyrocketed its tourism rate since Bitcoin adoption. One famous national landmark is Bitcoin Beach, located in the El Zonte area in La Libertad Department. This innovative resort offers a gorgeous view and is surrounded by local merchants who accept Bitcoin or Bitcoin Lightning payments.
El Salvador’s Bitcoin Aspirations: What’s Next?
The revelation about El Salvador’s physical Bitcoin vault has reaffirmed the country’s status as a blockchain technology pioneer. Additionally, over 1,000 graduates received an inaugural Bitcoin Diploma last week in the country’s capital, San Salvador. Their open-source workbook on Bitcoin and financial literacy has been translated into 18 languages.
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El Salvador has also partnered with the crypto giant Bitfinex to launch the Volcano Energy program. The move is set to put El Salvador among the major players in BTC mining, with renewable energy farms with a capacity of up to 240 megawatts. Foreign investors await Bitcoin-backed Volcano bonds after prominent Wall Street players have deemed El Salvador’s foreign investment bonds successful.
On the Flipside
- Due to declaring Bitcoin (BTC) legal cashback in September 2021, El Salvador is frowned upon by the International Monetary Fund (IMF).
- El Salvador has been negotiating a $1.3 billion loan from the IMF but is still awaiting approval from the international agency.
Why This Matters
El Salvador is paving the way for Bitcoin’s global adoption with various social initiatives and infrastructure improvements.
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