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El Salvador’s proposal to attract investment in bitcoin with a visa program

El Salvador’s proposal to attract investment in bitcoin with a visa program

He Government of El Salvador launched a visa program on Thursday called “Adopting El Salvador Freedom Visa Program”, with which it seeks to attract 1,000 investors who “contribute” with one million dollars in bitcoin or the stable cryptocurrency USDt per year.

“This program is aimed at large-scale investors who contribute $1 million in the country to finance works in the areas of culture, security, technology and social well-being,” said the Press Secretary of the Presidency in a statement posted online. social

The Press Secretariat added that “some of the projects that have been previously identified as a destination for these investments include interventions in schools, improvements in public health infrastructure, increasing access to health services, strengthening road connectivity and telecommunications”.

”This means that those who join the program will have the opportunity to contribute to the development of El Salvador. They will be able to be an active part of the transformation into a technological hub and an unparalleled tourist destination,” he said.

He maintained that “investors will have access to a special visa, after having completed the selection process” and that “Tether, the largest company in the cryptocurrency industry, will provide the technology for the execution of the program.”

Last September, El Salvador celebrated two years of having adopted bitcoin as legal tender without the population making massive use of the crypto asset, amid warnings of it being a way for the irregular financing of electoral campaigns for the 2024 elections and without the Government accounting for the funds used.

In September 2021, this Central American country became the first nation in the world to have the crypto asset as legal tender – along with the US dollar – and more than $250 million has also been invested in this project, which has been the President Nayib Bukele’s main economic bet.

By 2022, the Government was expected to place bitcoin bonds, known as Volcano Bonds, for $1 billion to finance the construction of Bitcoin City in the east of the country, but such financial movement was not carried out.

Source: Gestion

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