{"id":26549,"date":"2023-12-13T04:23:57","date_gmt":"2023-12-13T04:23:57","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/el-salvador-expects-to-sell-out-bitcoin-freedom-visa-by-end-of-year\/"},"modified":"2023-12-13T04:23:59","modified_gmt":"2023-12-13T04:23:59","slug":"el-salvador-expects-to-sell-out-bitcoin-freedom-visa-by-end-of-year","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/el-salvador-expects-to-sell-out-bitcoin-freedom-visa-by-end-of-year\/","title":{"rendered":"El Salvador expects to sell out Bitcoin \u2018Freedom Visa\u2019 by end of year"},"content":{"rendered":"

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El Salvador\u2019s National Bitcoin Office says its $1 million Freedom Visa program has already received hundreds of inquiries since its launch on Dec. 7, and expects it to fully sell out be<\/p>\n

In emailed comments to Cointelegraph, a spokesperson for El Salvdor\u2019s National Bitcoin Office (ONBTC) said that it had received hundreds of inquiries and \u201cmany dozens of applications\u201d both online and in person at its embassies and consulates. <\/p>\n

\u201cBased on the current level of interest, we expect the program to sell out by the end of the year.\u201d <\/p><\/blockquote>\n

Launched by the\u00a0El Salvador government on Dec. 7 in partnership with stablecoin issuer Tether, the Freedom Visa is a citizenship-by-donation program that grants a residency visa and pathway to citizenship for 1,000 people willing to put down a $1 million Bitcoin (BTC) or Tether (USDT) donation towards the country.<\/p>\n

The ONBTC spokesperson clarified that the program is limited to a total of 1,000 slots per calendar year. <\/p>\n

However, market commentators such as Altana Digital Currency CIO Alistair Milne described El Salvador\u2019s million-dollar visa program as \u201cuncompetitive\u201d when considered next to those offered by countries like Malta which tout full European citizenship for $810,000.<\/p>\n

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El Salvador offering Visas and citizenship to anyone investing $1million (in USDt or Bitcoin) in the country<\/p>\n

Frankly uncompetitive in the global market (can get EU citizenship for less) so disappointing https:\/\/t.co\/ALydiMAJRj<\/p>\n

\u2014 Alistair Milne (@alistairmilne) December 7, 2023<\/a><\/p><\/blockquote>\n

However, the National Bitcoin Office says the $1 million price tag for the Freedom visa was more than fair. <\/p>\n

\u201cIf anything, in fact, it is actually underpriced. While there are many citizenship programs available in the world, there is only one Bitcoin Country,\u2019 the spokesperson said. <\/p>\n

Related: <\/em><\/strong>El Salvador\u2019s Bitcoin bond gets regulatory approval, targets Q1 launch<\/em><\/strong><\/p>\n

Despite the high price tag relative to other visa programs, the numerous pro-Bitcoin policies and incentives established by President Nayib Bukele over the past few years could be enticing to Bitcoiners looking for a sea change. <\/p>\n

In Sept. 2021, Bukele recognized Bitcoin as legal tender and removed all capital gains taxes for Bitcoin investors. He later scrapped all forms of taxation for tech and crypto firms that chose to set up operations in the country. \u00a0<\/p>\n

Bukele stepped down as president on Dec. 1 to focus on his reelection campaign ahead of the country\u2019s general election in February 2024. <\/p>\n

Magazine: <\/em><\/strong>Lawmakers\u2019 fear and doubt drives proposed crypto regulations in US<\/em><\/strong><\/p>\n<\/div>\n