This initiative, which has a 1,000-participant annual cap, seeks to attract high-net-worth individuals by providing them with residency and eventual citizenship in exchange for their investment.
The initiative will require the ‘participant’ to make a $1 million investment in BTC or USDT, and successful applicants will be eligible for a Salvadoran passport and citizenship. According to a Bitcoin news source, Adriana Mira, El Salvador’s Vice Minister of Foreign Affairs, emphasized the program as a critical step for anyone hoping to contribute to El Salvador’s economic future.
However, Tether needed to make it clear where the funding will take place.
In September, El Salvador became the first nation to accept Bitcoin as a legal tender. The country required companies to accept the popular cryptocurrency as payment and launched a digital wallet named “Chivo” to encourage its citizens to use it by offering a $30 sign-up bonus in Bitcoin.
However, this plan evoked controversies among the Salvadoran public, with them protecting against the action – and President Nayib Bukele’s alarming shift towards autocracy ensued – a vast majority of them continuing the use of cash.
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