El Salvador announced that they will run a joint program with Tether, the issuer of the USDT stablecoin. A new program called El Salvador Freedom Visa Adoption is being launched. This initiative could potentially recreate El Salvador’s socio-economic structure, repositioning it as a bridge for technology, culture, and societal progress.
The program to be launched seems to primarily aim to attract individuals with significant assets to the country.
El Salvador to Offer Crypto Investor Visa
By adopting this project, El Salvador aims to expand its horizon in the field of international tourism to a new dimension. It also aims to further solidify its place as a key country in technological and financial innovation with a view to investing in the future.
Tether CEO Paolo Ardoino made a detailed statement about this collaboration:
Our partnership with El Salvador signifies an important milestone for Tether as a technology provider. This initiative is a testament to our commitment to promoting financial freedom and innovation in communities and cities. Leveraging our technological skills to encourage growth and innovation in the region is a unique opportunity. Our role in this partnership underscores the critical importance of robust infrastructure in initiating meaningful change.
Adriana Mira, Deputy Foreign Minister of El Salvador, stated:
This collaboration is a significant turning point in terms of our commitment to economic innovation and development. The ‘El Salvador Freedom Visa Adoption Program’ offers a unique opportunity for individuals to actively shape a prosperous future for our country.
Aiming for Progress in Cryptocurrencies
This project is being carried out following El Salvador’s acceptance of Bitcoin as a legal payment method in 2021. The step and vision put forward by the country towards this progress seem to be in line with its loyalty to the cryptocurrency.
This move has helped to include a large portion of the El Salvador population into the registered economy, adopt financial participation and literacy, and open the way for advanced investment opportunities and economic growth.
The program has a legal process. This process supports contributions to El Salvador’s economic, cultural, and societal development. An important point is that those applying for this program need to make a deposit in Bitcoin or USDT.
The deposit made on behalf of the individuals included in the program is later accepted as part of the payment for the Freedom Visa and the required $1 million investment for citizenship. This approach is also aimed at contributing to the country’s economy.