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Invest in Bitcoin, Get Residency: El Salvador’s Unique ‘Freedom VISA’

El Salvador is introducing a unique opportunity, deemed a “once in five hundred years” offer, specifically tailored for international cryptocurrency whales: contribute your BTC to the government, and in return, secure long-term citizenship in the Bitcoin-friendly nation.

Tether disclosed on Thursday the launch of the “Adopting El Salvador Freedom Visa Program,” strategically designed to attract forward-thinking individuals, including high-net-worth investors, worldwide. The aim is to bolster El Salvador’s vision for economic growth and societal advancement.

The program has an annual limit of 1000 participants, each required to contribute $1 million in either Bitcoin (BTC) or Tether (USDT) to qualify. Tether has been selected as the technology provider for this innovative initiative.

“This partnership underscores our commitment to pushing the boundaries of technology, fostering national empowerment, and facilitating individual investment in a future where innovation and progress are seamlessly intertwined,” stated Paolo Ardoino, CEO of Tether, in an official statement.

In exchange for their contributions, participants will be granted a “Freedom Visa” in El Salvador, entitling them to long-term residency and citizenship, akin to the Golden Visa programs found in other countries.

As outlined on the initiative’s website, the funds donated will be allocated towards “economic development, cultural enrichment, and social programs designed to attain optimal economic growth and revitalization.”

Revolutionizing El Salvador

For Tether, this program signifies its latest endeavor to endorse governments embracing cryptocurrency as a viable industry for investment and a cutting-edge payment technology. The company has previously supported Lugano, Switzerland, in adopting BTC and USDT as legal tender. Furthermore, Tether has invested in El Salvador’s development of Bitcoin mining infrastructure.

As for El Salvador, the program represents an intensified commitment to becoming a global attraction for innovative minds, building on its decision to establish Bitcoin as legal tender in 2021.

One year after the adoption of BTC, tourist spending experienced a substantial increase, rising by 50% in 2022 to reach $2.6 billion compared to pre-pandemic figures from 2019.

Additionally, the nation has achieved a remarkable reduction in its homicide rate, which currently stands at just 2.2 per 100,000 inhabitants as of July 2023. This significant drop follows a historic crackdown on gang violence. For context, in 2015, the homicide rate was alarmingly high at 106 per 100,000 inhabitants.

Furthermore, as of this month, the Salvadoran government’s investment in Bitcoin has proven to be profitable, showcasing a positive return on their venture.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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