In El Salvador, you can even exchange Bitcoin for citizenship.

Jafar224

After the legalization of Bitcoin in El Salvador, the country is actively welcoming Bitcoin investors.

The nation recently introduced the "Freedom Visa" program, allowing individuals to exchange Bitcoin for citizenship.

This strategy is proving successful, with hundreds of inquiries and dozens of applications already received. The National Bitcoin Office of El Salvador (ONBTC) anticipates selling out by the end of the year.

The National Bitcoin Office of El Salvador stated that since the launch of the $1 million Freedom Visa program on December 7th, they have received hundreds of inquiries and "dozens of applications," including those submitted online and in person at their embassies and consulates.

"Given the current level of interest, we expect the project to be sold out by the end of this year," confidently stated the authorities.

The Freedom Visa program is a citizenship donation initiative launched in collaboration between El Salvador and stablecoin issuer Tether. It provides a path to residency visas and citizenship for 1,000 individuals willing to invest $1 million in Bitcoin.

A spokesperson for ONBTC clarified that the program's annual quota is limited to 1,000 slots.

However, market commentators such as Alistair Milne, Chief Information Officer at Altana Digital Currency, deemed El Salvador's million-dollar visa program "non-competitive" compared to visa programs offered by other countries, such as Malta, which boasts fully European citizenship for $810,000.

Nevertheless, the National Bitcoin Office of El Salvador emphasized that the $1 million price for the Freedom Visa is very fair.

"In fact, if anything, it is actually undervalued. While there are many citizenship programs in the world, there is only one Bitcoin nation," the spokesperson stated.

Despite the higher price compared to other visa programs, El Salvador President Nayib Bukele's pro-Bitcoin policies and incentives implemented over the past years may attract Bitcoin enthusiasts seeking a radical change.

In September 2021, he acknowledged Bitcoin as legal tender and eliminated all capital gains taxes for Bitcoin investors. Subsequently, he removed all forms of taxation for technology and cryptocurrency companies operating in the country.

Isha000

There's not much difference between buying citizenship with money and this.

Shri

The role of Bitcoin is indeed significant.

Iravan774

I didn't expect that you could even exchange it for citizenship.

Samiksha

El Salvador has become so liberal now.