Last week, the El Salvador government, along with the stablecoin company Tether, joined in an initiative called 'Adopting El Salvador Freedom,' which will enable foreigners to obtain a Salvadoran passport in exchange for a million dollars in Bitcoin.
This initiative, which has a 1,000-participant annual cap, seeks to attract high-net-worth individuals by providing them with residency and eventual citizenship in exchange for their investment.
The initiative will require the 'participant' to make a $1 million investment in BTC or USDT, and successful applicants will be eligible for a Salvadoran passport and citizenship.
According to a Bitcoin news source, Adriana Mira, El Salvador's Vice Minister of Foreign Affairs, emphasized the program as a critical step for anyone hoping to contribute to El Salvador's economic future.
Tether needed to make it clear where the funding will take place.
In September, El Salvador became the first nation to accept Bitcoin as a legal tender.
This plan evoked controversies among the Salvadoran public, with them protecting against the action - and President Nayib Bukele's alarming shift towards autocracy ensued - a vast majority of them continuing the use of cash.
How Did Bitcoin Boost The El Salvador's Tourism Despite the controversy revolving around the initiative, the country has gained popularity among Bitcoin enthusiasts worldwide.
The country's tourism minister announced in May that travellers were coming to the nation in unprecedented quantities because of its dedication to cryptocurrency.
This Cyber News was published on www.cysecurity.news. Publication date: Mon, 11 Dec 2023 15:43:04 +0000