Freedom

Bitcoin

Million

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 <p>In a daring initiative to appeal to cryptocurrency enthusiasts, President Nayib Bukele of El Salvador introduced the “Freedom Visa” program on Dec. 7, with the goal of attracting 1,000 affluent individuals each year. Despite the influx of hundreds of inquiries and “many dozens of applications,” doubts persist about the program’s viability, particularly due to the substantial $1 million price tag associated with the citizenship-by-donation initiative.</p>
 <p>A representative from <a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a>’s National Bitcoin Office (ONBTC) reported that the $1 million Freedom Visa program has garnered substantial interest. The region has received hundreds of inquiries and “many dozens of applications.” This has been done through online channels and in-person submissions at embassies and consulates since its initiation.</p>
 <h4 class="wp-block-heading" id="h-overview-of-the-program">Overview of the Program</h4>
 <p>Administered by <a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a>’s ONBTC in partnership with stablecoin issuer Tether, the Freedom Visa provides a route to citizenship. It also aids in residency for those willing to invest $1 million in either Bitcoin or Tether. The program, which is capped at 1,000 slots per calendar year, has garnered significant attention since its recent launch.</p>
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 <p>Despite the government’s optimism, industry analysts like Altana Digital Currency CIO Alistair Milne have deemed <a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a>’s million-dollar visa initiative “uncompetitive.” This is in comparison to programs offered by countries like Malta, which grant full European citizenship for $810,000. However, the National Bitcoin Office asserts that the program’s pricing is justified. It underscores its unique distinction as the world’s first “Bitcoin Country.”</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp" alt class="wp-image-121684" srcset="https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 1024w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 300w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 768w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 1536w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 380w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 550w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 800w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 1160w, https://cdn.thebittimes.com/images/2023/12/13/ab5355c9ed30189798d76f4688676c9c.webp 1792w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p><strong>Also Read: El Salvador Bitcoin Bond Clears Hurdles, Set for Early 2024 Debut</strong></p>
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 <h4 class="wp-block-heading" id="h-appeal-and-potential-challenges">Appeal and Potential Challenges</h4>
 <p>El Salvador’s ambitious strategy seeks to attract entrepreneurial individuals to infuse fresh capital into the country’s economy. Yet, concerns have emerged regarding the program’s attractiveness due to its high cost and the existing challenges in the country. This includes issues related to crime, corruption, and uneven development.</p>
 <p><a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a>’s $1 million visa stands out as notably more expensive than numerous golden visa or citizenship programs globally. Countries like Dominica and Grenada offer passports starting at $100,000. European options such as Portugal, Greece, and Montenegro require investments ranging from €250,000 to €500,000. The substantial cost, coupled with socio-economic challenges in the country, could pose a significant barrier to attracting the desired number of applicants.</p>
 <p>El Salvador’s “Freedom Visa” program, conceived as part of the country’s broader integration of Bitcoin, faces a complex array of challenges. While the prospect of injecting capital and fostering entrepreneurship is appealing, the high cost, combined with concerns about the nation’s stability and development, may impede the program’s success.</p>
 <p><strong>Also Read: Bitcoin: <a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a> Offers Citizenship for $1 Million in BTC</strong></p>
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<div class="cs-entry__tags">
 <ul>
  <li>bitcoin</li>
  <li>btc</li>
  <li>crypto</li>
  <li>cryptocurrency</li>
  <li>El Salvador</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/can-el-salvador-s-freedom-visa-reach-full-capacity-before-year-s-end-tbt73499.html">https://thebittimes.com/can-el-salvador-s-freedom-visa-reach-full-capacity-before-year-s-end-tbt73499.html</a></p>

Can El Salvador’s ‘Freedom Visa’ Reach Full Capacity Before Year’s End?

TheBitTimes

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