El Salvador Grants Citizenship with Bitcoin.

El Salvador, which declared Bitcoin as legal currency in the country in 2021, is starting to grant citizenship with #Bitcoin (BTC) and Tether (USDT). El Salvador and Stablecoin issuer Tether shared an announcement on December 7. The program called “El Salvador Freedom Visa” will cover a thousand people. Details are in our news..

The Latin American country El Salvador will grant residence visas and citizenship to 1,000 people who want to invest $1 million in Bitcoin or #Tether in the country. If the quota for one thousand people is filled, this will bring $1 billion to El Salvador. People who invest in the country will initially be given the right to long-term employment. This right can later be converted into citizenship.

“#ElSalvador offers a special residency invitation to a thousand people who aspire to make a difference in the world. Successful applicants will be eligible to receive a Salvadoran passport. Thus, it will become an integral part of the transformative journey.”

Limited to 1,000 participants per year, the Freedom Visa program aims to encourage individuals to seek residency and citizenship through investment, similar to Golden Visa programs in other countries. #Tether company will manage the program. Tether and its sister company Bitfinex exchange also have great support in El Salvador's mining programs. As it is known, El Salvador declared Bitcoin as the official currency in the country in 2021. The Latin American country has been using the US dollar as fiat currency since 2001.

However, the price set by the Central American country for citizenship is much more expensive than the prices in Caribbean countries, which start from $100,000. Therefore, the government's move brought reactions due to the expensiveness of the campaign. Because it is 10 times more expensive than similar citizenship investment programs in the neighboring Caribbean island countries of Antigua and Barbuda, Dominica and St. Lucia.
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