El Salvador’s Freedom Visa program attracts $153 million in less than a week. The country adopts Bitcoin once again with the approval of volcanic bonds.
El Salvador’s Freedom Visa program paves the way to citizenship for 1,000 crypto millionaires per year in a bid to build a stronger economy.
Almost three years after El Salvador made headlines by adopting Bitcoin (BTC) as legal tender alongside the US dollar, the country has become a strong economic hub in Latin America.
El Salvador’s president, Nayib Bukele, has remained steadfast in transforming the country toward a better financial position despite strong criticism from Western banking institutions such as the World Bank. Additionally, El Salvador could make a profit if it decided to sell its Bitcoin stock at current prices.
El Salvador’s unconventional adoption of Bitcoin took a step forward this week following regulatory approval to begin issuing so-called “Volcano Bonds” in early 2024. The Bitcoin-backed debt instrument aims to raise $1 billion to finance Bitcoin mining infrastructure and development of a proposed “Bitcoin City” in the country.
El Salvador Welcomes Crypto Millionaires for Free Citizenship
In a bid to ensure sustainable future growth prospects, El Salvador has opened a new program that welcomes global crypto millionaires and billionaires to obtain instant citizenship. According to the program’s official website, the future of El Salvador can easily be built with like-minded people of all backgrounds. Additionally, the El Salvador Freedom Visa includes a $1 million fee to be paid in Bitcoin or Tether (USDT) in an attempt to obtain the country’s passport and begin the citizenship process.
In particular, El Salvador’s Freedom Visa program has a limit of 1,000 people per year. Less than a week after the launch of El Salvador’s Visa Libertad initiative program, Max Keizer, a renowned journalist who now serves as President Bukele’s personal advisor on cryptocurrency matters, announced that 153 spaces have already been reserved. As a result, El Salvador now has $153 million to make strategic investments and improve its infrastructure, helping to acquire more Bitcoins daily.
El Salvador has partnered with Tether USDT to ensure the Freedom Visa program is a success. Furthermore, Tether has verified liquidity and is the leading private stablecoin project running on decentralized multi-chain protocols.
El Salvador is using the success of Bitcoin to become a debt-free nation by 2023 without putting pressure on burdened taxpayers. The cost of living in El Salvador reportedly halved last year thanks to the Bitcoin strategy. Furthermore, the country’s tourism sector has improved significantly, which has a direct impact on the country’s gross domestic product (GDP).
El Salvador Adopts Bitcoin Once Again with Approval of Volcanic Bonds
The confirmation came from El Salvador’s National Bitcoin Office, which published that the unique bonuses received authorization from the country’s Digital Assets Commission. The regulatory body was formed earlier this year to oversee cryptocurrency projects as Bitcoin becomes closely linked to government plans.
“The Volcano Bond has just received regulatory approval from the Digital Assets Commission. We anticipate that the bond will be issued during the first quarter of 2024,” the National Bitcoin Office announced.
The schedule aligns with numerous publications by President Nayib Bukele that apparently confirm the commission’s authorization and the projected launch for the first quarter. The goal is to raise $1 billion, with bonds backed by Bitcoin BTC reserves rather than sovereign debt.
By Audy Castaneda
