BTC Price Index and Live Chart – CoinDesk”>(BTC) and crypto millionaires in its latest push to attract long-term residents to the country.

USDT Price Index and Live Chart – CoinDesk”>(USDT) stablecoins.

Participants who are eligible receive a long term residency permit, and a pathway to citizenship. The application fee is $999 USDT or BTC, non-refundable. went live on Friday.

The technical process is handled by Tether Global as the issuer USDT.

It is similar to a “Golden VISA”, which several countries offer, in which wealthy individuals can invest a specified amount of money into bonds or properties within a country and receive a residence permit.

It is the first time that a nation has accepted bitcoin or tether as a form of residency. El Salvador would receive $1 billion if all the quora were filled out every year.

El Salvador made history by becoming the first country to recognize bitcoin legal tender in September 2021. El Salvador has made bitcoin investments since then and currently holds 2,700 BTC. This position has generated over $3 million of unrealized profits.

Nayib Bukele, the president of El Salvador, has stated that these steps are part a larger plan to combat hyperinflation and reduce El Salvador’s dependence on U.S. dollar by attracting alternative income sources.

Parikshit Miishra is the editor.