El Salvador became the first country to accept Bitcoin as legal tender. Now it’s offering citizenship for a $1 million ‘investment’
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 $1 million in Bitcoin.
The program comes alongside concerns from Salvadorans that an influx of tourists, especially in coastal cities like El Zonte attracting the crypto crowd, is pushing out lower-income families. In late November, local publication Mala Yerba reported that 25 families were facing eviction in El Zonte for the construction of a public park called “Bitcoin Beach Club de Playa.”
