El Salvador inaugurated a cryptocurrency investment program

The government of El Salvador wants to attract about 1,000 investors willing to put up to a million dollars in Bitcoin

The Salvadoran government has inaugurated the “Adopta El Salvador Freedom Visa Program“, aimed at attracting 1,000 investors willing to contribute one million dollars in Bitcoin or the stable cryptocurrency USDt annually.

The Press Secretariat of the Presidency, in a statement shared on social network X, noted that the program is looking for large-scale investors willing to contribute $1 million to finance projects in culture, security, technology and social welfare. The program’s official website specifies that the “exclusive residency invitation” is limited to 1,000 participants per year.

Among the projects identified to receive these investments are interventions in schools, improvements in public health infrastructure, increased access to health services, strengthening road connectivity and telecommunications, according to the Press Secretary.

“Those who join the program will have the opportunity to contribute to the development of El Salvador, becoming an active part of the transformation into a technological hub and a unique tourist destination,” the Press Secretary said.

It was announced that the selected investors will get a special visa, and the execution of the program will feature technology from Tether, the leading company in the cryptocurrency industry.

El Salvador adopted bitcoin as legal tender in September 2021, becoming the first nation in the world to do so. Although the country has invested more than $250 million in this project, the population has not massively adopted the cryptocurrency, and there are concerns about its use to irregularly fund election campaigns ahead of the 2024 elections.

In addition, the $1 billion Volcan Bonds were expected to be issued in 2022 to finance the construction of Bitcoin City, but this financial move did not materialize.

K. Tovar

Source: Bancaynegocios

(Reference image source: Traxer, Unsplash)

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