El Salvador Issues Bitcoin Passports To Lure Global Crypto Elite

Building on its 2021 milestone as the first nation to adopt Bitcoin as legal tender, El Salvador is doubling down on its digital asset strategy. President Nayib Bukele's administration has officially launched a dual-tier residency and citizenship initiative: the Freedom Visa and the Bitcoin Country programs, AzerNEWS reports.

These programs are designed to cement the nation's status as a global "crypto-hub" by attracting both high-net-worth investors and everyday digital nomads.

The Freedom Visa is a premium citizenship-by-investment program targeted at the global tech elite. By making a significant contribution to the Salvadoran economy, wealthy investors can bypass traditional immigration hurdles.

The program requires a donation of $1 million USD, which can be made in either USDT (Tether) or Bitcoin. In return, participants will receive full residency and a Salvadoran passport, typically issued within 4 to 6 weeks. To ensure exclusivity, the government has capped the program at just 1,000 applicants per year.

For the broader community of crypto enthusiasts, the Bitcoin Country program acts as a digital membership certificate. This initiative aims to stimulate "crypto-tourism" by making the digital currency a seamless part of the travel experience.

Tourists holding this status enjoy a 10% discount when paying with Bitcoin at participating hotels, cafes, and restaurants across the country.

To ensure these transactions are practical for daily use, El Salvador utilizes the Lightning Network (LN). This "Layer 2" technology sits on top of the Bitcoin blockchain to solve the problem of high fees and slow speeds.

By using LN, transfer costs are reduced to a microscopic, almost imperceptible level, allowing a tourist to pay for a cup of coffee or a hotel stay without the burden of traditional network congestion. This technical infrastructure is the backbone of the government's goal to integrate BTC into the very fabric of Salvadoran life.

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