El Salvador has introduced a liberal visa program, setting a cap of 1,000 participants annually. The unique feature of this program offers applicants the opportunity to secure a free visa and citizenship upon investing $1 million in BTC or USDT.
The program’s financial model holds the potential to generate substantial revenue for El Salvador, with the full allocation of slots resulting in an impressive $1 billion influx.
This initiative further aligns El Salvador with its pro-crypto stance, emphasizing the integration of digital assets into its economic and immigration policies.
As the global landscape continues to evolve in the realm of cryptocurrencies, El Salvador’s innovative approach could set a precedent for other nations considering novel strategies to attract crypto investments and foster economic growth.
In September 2021, El Salvador became the first country in the world to declare Bitcoin as an official currency alongside the US dollar, making it legal tender. The government gave citizens financial incentives to download a special cryptocurrency app to popularize and regularize its use.
Several of the nation’s households downloaded the app when the Bitcoin law went into effect.
Despite free Bitcoin and discounted gasoline for those downloading and using the cryptocurrency app, downloads have stalled, and use in daily life is not widespread.
Also, in November 2023, El Salvador’s Bitcoin investments turned profitable after the recent rally in the cryptocurrency, according to Nayib Bukele, who is running for reelection.
Bukele said on X that the country’s Bitcoin investments are up 2.84%, netting the country $3.6 million in profit. He said the government has no intention of selling its Bitcoin and will hold its position as part of a long-term strategy.
The president believes that Bitcoin can change the course of the nation as well as the global financial industry. On the other side, the IMF has called on El Salvador stating that embracing Bitcoin has a huge risk for the country.
