What happened?
CitizenX has partnered with El Salvador to offer a citizenship program that uses Bitcoin. High-net-worth individuals can obtain Salvadoran citizenship by making significant donations in Bitcoin or Tether. This initiative, called the Freedom Passport, aims to position El Salvador as a leader in Bitcoin-powered economic transformation.
Who does this affect?
The program is designed for wealthy entrepreneurs and investors interested in participating in El Salvador’s economic growth. It provides an opportunity for their families, including spouses and children under 18, to gain citizenship. Participants also gain access to international travel benefits through the Salvadoran passport.
Why does this matter?
This partnership could attract substantial foreign investment into El Salvador, with the potential to raise up to $1 billion. By linking citizenship with cryptocurrency donations, El Salvador could boost its economy and reinforce its commitment to digital innovation. The move highlights a growing global trend of countries leveraging cryptocurrencies to draw investment and talent.