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Dec 8, 2023
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Comments Off on El Salvador became the first country to accept Bitcoin as legal tender. Now it’s offering citizenship for a $1 million ‘investment’

El Salvador became the first country to accept Bitcoin as legal tender. Now it’s offering citizenship for a $1 million ‘investment’

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On Thursday, the government of El Salvador, alongside the stablecoin company Tether, announced a joint initiative called “Adopting El Salvador Freedom” that allows foreigners to obtain a Salvadoran passport in exchange for paying $src million in Bitcoin. In 202src, El Salvador became the first country to adopt Bitcoin as legal tender, mandating that businesses accept the leading cryptocurrency

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Business * On Thursday, the government of El Salvador, alongside the stablecoin company Tether, announced a joint initiative called “Adopting El Salvador Freedom” that allows foreigners to obtain a Salvadoran passport in exchange for paying $src million in Bitcoin.

In 202src, El Salvador became the first country to adopt Bitcoin as legal tender, mandating that businesses accept the leading cryptocurrency as a form of payment and rolling out a digital wallet called “Chivo,” incentivizing citizens to partake with a $30 signup bonus in Bitcoin.

The venture proved controversial, with Salvadorans protesting the move—alongside President Nayib Bukele’s concerning autocratic shift—and adoption was slow, with the vast majority of citizens sticking with cash. Meanwhile, Bukele spending tens of millions in federal funds on Bitcoin proved disastrous, with its price plummeting from an all-time high of around $69,000 in N

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