- El Salvador offers citizenship for $1 million cryptocurrency investment.
- Freedom Visa program limited to 1,000 participants, requires non-refundable $999 deposit.
- President Bukele reports $3.6 million profit from national Bitcoin investments.
The government of El Salvador has introduced a program for cryptocurrency investment that permits foreigners to obtain citizenship in the country located in Central America.
The statement confirmed that through the investment, individuals could acquire citizenship via the nation’s Freedom Visa program. Additionally, these persons would be required to pay $1 million in USDT or BTC.
The post states that the program is restricted to a maximum of 1,000 participants; thus, it is a limited-access, first-come investment opportunity. Nevertheless, to be eligible, one must complete an application process requiring a non-refundable deposit of $999, which can be paid in either Bitcoin or USDT.
Further details revealed that completing the application requires only minutes, yet the entire procedure from beginning to end may span as long as six weeks. Should the program’s capacity be fully utilized, the Central American nation could accumulate $1 billion in revenue.
The latest advancements highlight El Salvador’s commitment to advancing projects that utilize cryptocurrencies. This area is recognized for being exceptionally receptive to cryptocurrencies, with a consistent focus on Bitcoin
In 2021, El Salvador was the inaugural nation to officially recognize Bitcoin as a legal currency, despite warnings from other countries and international organizations about the risks of digital currencies. Furthermore, the Salvadoran government reinforced its dedication to this initiative by making multiple acquisitions of Bitcoin.
Following a price rebound, the President of El Salvador, Nayib Bukele, announced that his investment in Bitcoin has yielded a profit of $3.6 million as per his latest update. Despite Bukele’s unwavering support for digital currencies, there are indications that the uptake of cryptocurrencies within the nation has been sluggish. In other news, Bitcoin’s value has experienced a downturn since it reached a high, surpassing $44,000 earlier in the week. Current figures from CoinMarketCap show that the cryptocurrency has undergone a 1.15% decrease over the last 24 hours, with its price now at $43,440.
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