El Salvador, renowned for its adoption of Bitcoin as legal tender, has launched a new program designed to attract skilled workers and bolster its economy based on the cryptocurrency.
President Nayib Bukele revealed a $5 billion fund allocation to give citizenship to 5000 foreigners, in the status of scientists, engineers, doctors, and artists. These people will have their passports letting them vote and there will be no taxes, tariffs, or rates on them.
Besides introducing the space to launch the Bitcoin-centered initiatives, El Salvador has other Bitcoin-focused apparatus as well. The country has recently opened such a physical vault which will be utilized for safe bitcoin storage, and has also seen its first bitcoin diploma class graduate.
Bitfinex joins collaborations to establish Salvador as a prominent player in Bitcoin mining, leveraging the country’s geothermal energy resources. While the novelty of El Salvador adopting Bitcoin is generating mixed reactions, it is nonetheless putting the country in the spotlight.