- El Salvador rolls out a Bitcoin-powered citizenship program.
- The first 1,000 Freedom Visas can be bought in BTC or USDT.
- El Salvador’s national Bitcoin treasury recently soared by $3.6B.
The first country to make Bitcoin (BTC) legal cash has made yet another huge move towards building Latin American economic sovereignty with the help of the leading digital asset. This Friday, El Salvador announced a joint venture with Tether, the leading stablecoin issuer.
The new program is slated to offer El Salvadoran citizenship to 1,000 crypto enthusiasts. Additionally, the new program highlights the crypto-friendly regulations recently implemented by the Nayib Bukele government. All tech companies operating in the region are exempted from taxation.
El Salvador’s vision is to leverage the country’s rich natural resources to empower a more sustainable electricity source in the dozens of volcanoes surrounding the small Latin American country. A ticket to citizenship costs $1 million in Bitcoin or Tether.
112 Applicants on the First Day
The Bitcoin-powered renaissance of El Salvador encompasses healthcare, infrastructure, education, and the natural abundance of the Latin American country. According to the official Freedom Visa website, there are three steps to take before getting a Bitcoin-powered Freedom Visa:
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- Initiating the evaluation process. Upon registration on the official website, a crypto enthusiast must pay a non-refundable application fee of 999 USD, which can be paid in Bitcoin (BTC) and Tether (USDT).
- Approval proceeds. After a meticulous review of the Freedom Visa application, an official approval letter will be issued to the crypto enthusiast with a secure instruction link to pay the $1 million registration fee.
- Receiving El Salvador’s Freedom Visa. After the payment process is complete and verified, El Salvador will issue the Freedom Visa by post, or, if preferred, the crypto enthusiast can collect it upon arrival.
The initiative comes just days after Pro-Bitcoin President Nayib Bukele boasted about the $3.6 billion profits of El Salvador’s national Bitcoin stash. While the program was opened for online registration just today, it had already received 112 applications, as Senior Bitcoin Advisor Max Keiser reported on X, previously known as Twitter.
On the Flipside
- Many crypto enthusiasts on Twitter argue that the $1 million price for citizenship in an up-and-coming technology hub is expensive.
Why This Matters
El Salvador is a pioneering country that made Bitcoin an official legal tender in 2021. El Salvador leverages Bitcoin and blockchain technology to improve the country’s infrastructure and tackle dwindling social issues.
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