- El Salvador announced a crypto investment program for foreigners to acquire their visas and become citizens.
- Participants must make a $1 million investment to be paid using Bitcoin or USDT.
- The slot is open to 1,000 participants and takes a week to conclude.
In a notable development, the El Salvador government announced a cryptocurrency investment program that would allow foreigners to acquire citizenship in the Central American country.
Indeed, the announcement stated that the investment would allow participants to become citizens under the country’s Freedom Visa program. Furthermore, such individuals would have to pay $1 million in USDT or BTC.
According to the post, the program is only limited to 1,000 participants, making it an exclusive first-come investment program. To, however, qualify the initial application process comes with a non-refundable $999 deposit to be paid in Bitcoin or USDT.
Additional information provided disclosed the entire application takes minutes, but the whole process from start to finish could take up to 6 weeks. If all the slots were filled, the Central American country would have raised $1 billion through the program.
The recent development underscores El Salvador’s efforts to push developments leveraging cryptocurrencies. The jurisdiction is noted as one of the most crypto-friendly locations, given its sustained interest in cryptocurrencies, especially Bitcoin.
In 2021, El Salvador became the first country to legalize Bitcoin as a legal tender at a time when nations and global bodies warned sternly against digital assets. In addition to that, the government also doubled down on the commitment through a slew of Bitcoin purchases.
With prices back up, El Salvador’s president Nayib Bukele posted that his Bitcoin bets have paid off, with his investment up $3.6 million as of the time of the post. However, despite Bukele’s strong commitment to cryptocurrencies, reports suggest adoption in the country has been slow. Meanwhile, Bitcoin’s price has been in the red zone since it peaked above the $44K line earlier this week. According to data from CoinMarketCap, the digital asset has lost 1.15% in the past 24 hours and currently sits at $43,440.
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