The El Salvador Freedom Visa initiative aims to strengthen the economy by providing a route to citizenship to one thousand crypto billionaires annually.
Following the controversial legalization of Bitcoin (BTC) as a medium of exchange alongside the US dollar over three years ago, El Salvador has developed into a thriving economic powerhouse in Latin America. Despite harsh criticism from Western banking organizations such as the World Bank, El Salvador’s President Nayib Bukele has persisted in bringing the country’s finances into better shape. At the present price, El Salvador might even make money by selling its Bitcoin bag. Consequently, Wall Street fund managers have been rushing to purchase Bitcoin-backed bonds in the last year, fueling the prospect that El Salvador may seek foreign markets in Singapore.
As part of its efforts to secure long-term economic development, El Salvador has launched a new scheme that allows crypto millionaires and billionaires from across the world to become citizens instantly. El Salvador’s future may be effortlessly established with like-minded people from various backgrounds, according to the program’s official website. Additionally, in order to get a passport and start the citizenship process in El Salvador, you have to pay a $1 million charge using Bitcoin or Tether (USDT) using their Freedom Visa.
One thousand people may apply for an El Salvador Freedom Visa each year. The El Salvador Freedom Visa initiative program has only been up for a week, but already 153 spots have been reserved, according to Max Keiser, a famous journalist who advises President Bukele on cryptocurrency issues. The outcome is that El Salvador has $153 million to put toward long-term investments and infrastructure upgrades, allowing it to buy additional Bitcoins every day.
The viability of the Freedom Visa scheme depends on El Salvador’s partnership with Tether USDT. Furthermore, among private stablecoin projects that operate on multi-chain decentralized protocols, Tether stands head and shoulders above the competition thanks to its proven liquidity.
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