‘Freedom Visa’: What is El Salvador’s New Plan to Boost Tourism, Revenue Via BTC

The Freedom Visa is a donation-based citizenship programme that is set to go live in early 2024.

‘Freedom Visa’: What is El Salvador’s New Plan to Boost Tourism, Revenue Via BTC

Photo Credit: Facebook/ Nayib Bukele

India collaborated with IMF and Financial Stability Board to prepare crypto roadmap

  • El Salvador recognised BTC as a legal tender in September 2021
  • A tax-free Bitcoin city is under construction in El Salvador
  • The country is looking to garner enough funds to support construction

El Salvador, the country that historically became the first in the world to ordain Bitcoin as a legal tender, has created a plan to boost its tourism industry and subsequently its economy in due time. The National Bitcoin Office (ONBTC) of the central American nation has announced a new initiative called the Freedom Visa. The development comes after a long silence from El Salvador, that is currently working to develop a tax-free, volcano-powered Bitcoin city.

The Freedom Visa is a donation-based citizenship programme. Through this, El Salvador will grant a residency visa to those willing to donate a million-dollar worth of Bitcoin or Tether into the national treasury. To do so, the Salvadoran government has partnered with stablecoin issuer Tether, it said in an official announcement earlier this month.

Each year, the country will give out only a thousand slots, the government under President Nayib Bukele has decided. The country is looking to leverage its status as a pro-Bitcoin nation, to propel its special citizenship visa plan to the masses.

“Based on the current level of interest, we expect the program to sell out by the end of the year. If anything, in fact, it is actually underpriced. While there are many citizenship programs available in the world, there is only one Bitcoin country,” a CoinTelegraph report quoted the ONBTC as saying in an email conversation.

Reacting to the development, market analyst Alistair Milne called the Salvadoran initiative rather ‘uncompetitive' comparing to other similar initiatives. Milne is the chief investment officer of Altana Digital Currency Fund.

It's now a matter of time before the programme unfolds and we see how lucrative it ended up becoming and whether or not there will be a next edition to it.

El Salvador recently approved Bitcoin bonds that are set to be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex, starting early 2024.

The so-called ‘Volcano bonds' were announced in 2021. With a minimum investment of $100 (roughly Rs. 8,170), El Salvador residents will be able to enter Volcano Bonds — that will add to the nation's economy. Any appreciation in Bitcoin's values will be shared with the bond holders.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges


For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
iOS 17.3 Beta With Stolen Device Protection, Collaborative Playlists on Apple Music Rolling Out
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »