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El Salvador Expects to Fully Sell Out Bitcoin Freedom Visa by The End of 2023

Bitcoin Freedom Visa, a citizenship-by-donation program introduced by the government of El Salvador on Dec. 7, has received hundreds of inquiries since its launch.

El Salvador Expects to Fully Sell Out Bitcoin Freedom Visa by The End of 2023

El Salvador’s National Bitcoin Office (ONBTC) claims its Freedom Visa program has received hundreds of inquiries hundreds of inquiries and “many dozens of applications” both online and in person at its embassies and consulates since its launch on Dec. 7. The agency expects to fully sell out dedicated 1,000 citizenship slots before the end of 2023.

The Bitcoin Freedom Visa is an innovative program introduced by the El Salvador government that provides local citizenship to a limited number of people each year for a donation toward the country equivalent to $1 million in either Bitcoin or Tether.

The initiative faced certain criticism due to the high price tag. However, the country’s authorities believe that El Salvador presents unique opportunities for crypto-supportive immigrants.

Among numerous pro-Bitcoin policies and incentives established by President Nayib Bukele over the past few years, there is a volcano-energy-powered Bitcoin mining park, Digital Assets Issuance bill, unprecedented introduction of Bitcoin as a legal tender in the country, removal of all taxes related to tech innovation, Bitcoin Volcano Bonds, and more.

Despite early criticism of the country’s excessive crypto-friendliness and scepticism from the country’s citizens, El Salvador’s bond market has witnessed a strong rebound in 2023, becoming the best-performing bond among emerging markets.

President Bukele continued to soothe the investors’ bond market’s concerns with two consecutive debt buybacks and the successful repayment of $800 million worth of bonds. In addition, the country reportedly hired a former International Monetary Fund (IMF) advisor, Alejandro Werner, to help mitigate cryptocurrency-related risks in a possible deal with the multinational lender.

Besides, the market status of Bitcoin has strengthened compared to 2021, when El Salvador decided to make Bitcoin one of the legally accepted currencies nationwide. Today, many reputable financial institutions are pursuing legal approval of Bitcoin and Ethereum spot ETFs, giving customers more access to cryptocurrencies. The expectations of approaching approval boost the crypto market and prompt changes in local crypto-related policies.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.