El Salvador Adds Bitcoin Through Passports to Freedom Program
El Salvador has made a significant move by incorporating Bitcoin (BTC) into its passports to freedom program. The Central American country has also expanded its use of bitcoins for government services and digital mining activities. President Nayib Bukele recently announced that El Salvador holds a greater quantity of BTC than previously thought, indicating that the government’s digital currency strategy is generating higher profits than anticipated.
Bukele revealed that a portion of the Bitcoin held by El Salvador has come through its freedom visa program, which was launched last year to attract foreign investors willing to contribute to the country’s economic and social development. The program has already received seven investors who have each pledged at least one million dollars, making them eligible for the Freedom Visa.
In addition to the freedom visa program, El Salvador has been accumulating bitcoins through government services and digital mining. These initiatives are part of the government’s broader strategy to promote Bitcoin adoption and boost the country’s economy through digital currency.
The government created the Bitcoin Fund Management Agency (AAB) last year to oversee the management, protection, and investment of the state’s digital assets. The agency also helps identify cryptocurrency investment opportunities for the government. The National Commission for Digital Assets (CNDA) has registered around 60 companies in El Salvador, many of which have paid a million dollars in BTC to obtain Salvadoran passports due to the tax benefits and promises of President Bukele.
El Salvador’s Bitcoin holdings, currently tracked on nayibtracker.com, show that the country holds 2,860 BTC, with an unrealized gain of nearly 70%, amounting to around $84 million. Despite this increase, Bukele has not disclosed the specific Bitcoin addresses for verification, leaving the public to rely on his word regarding the government’s digital currency acquisitions.
The ongoing efforts by El Salvador to embrace Bitcoin as an official asset represent a significant milestone in the adoption of digital currencies on a national level. The country’s use of BTC for passports, government services, and mining activities underscores its commitment to integrating cryptocurrency into its economy.