El Salvador has become the first country to officially recognize Bitcoin as legal tender. In order to encourage its use, the country has created the “Bitcoin Freedom VISA”, which allows people who invest in Bitcoin to get residency in the country. The program aims to draw in foreign investments into El Salvador’s economy and boost its tourism sector.
Residents who invest at least $25,000 in Bitcoin, will receive the “Bitcoin Freedom VISA”. It grants them temporary residency in El Salvador, as well as the right to work and own property. It also allows them to open bank accounts and access services such as health care and education.
El Salvador is hoping to use the program to attract foreign investors and businesses. The country has been facing economic difficulties since the onset of the COVID-19 pandemic, and this move could help bring in new money. The measure is already proving to be popular, with some community members reporting that they are investing in Bitcoin for the purpose of receiving the Freedom VISA.
The Bitcoin Freedom VISA is the first of its kind, and could serve as a template for other countries looking to attract foreign investments. If the program proves to be successful, it could be used to help El Salvador’s economy recover and stimulate its tourism industry. It could also potentially create a new type of global citizenship, with people from all over the world able to access the benefits of El Salvador’s unique Freedom VISA.
