The Visa Freedom Program Worth IDR 15.6 Billion From El Salvador Is Predicted To Be Sold Out Before The End Of 2023

Nayib Bukele, leader of El Salvador. (photo: x @PresidenciaSV)

JAKARTA - El Salvador's National Bitcoin Office (ONBTC) said the $1 million Visa Freedom program (Rp15.6 billion) has received hundreds of questions since its launch on December 7. It is even expected to be sold out before the end of 2023.

In comments sent via email to Cointelegraph, El Salvador's ONBTC spokesman said it had received hundreds of questions and "more collusion of applications" online or directly at its embassies and consulates.

"Based on the current level of interest, we expect this program to be sold out by the end of the year," said ONBTC spokesman.

Launched by the government of El Salvador on December 7 in collaboration with stablecoin publisher Tether, Visa Freedom is a citizenship program through donations that provides residence and path to citizenship visas for 1,000 people who are willing to donate $1 million in Bitcoin to the country.

AN ONBTC spokesperson explained that the program is limited to 1,000 slots per calendar year.

Market comments such as Altana Digital Currency's Chief Investment Officer, Total Milne, described El Salvador's $1 million visa program as "uncompetitive" when compared to countries like Malta offering European citizenship at a price of 810.000 US dollars (IDR 12.6 billion).

However, ONBTC says the price of $1 million for Freedom visas is more than enough. "If you can say, the price is actually too low. Even though there are many citizenship programs in the world, there is only one Bitcoin country," the spokesperson said.

Despite the high price compared to other visa programs, the pro-Bitcoin policies and incentives that El Salvador's President, Nayib Bukele, has been able to persuade Bitcoin fans looking for change over the past few years.

In September 2021, Bukele recognized Bitcoin as a legal tender and removed all capital gains taxes for Bitcoin investors. He later removed all forms of taxes for tech companies and cryptocurrencies that chose to operate in the country.

Bukele resigned as president on December 1 to focus on his nomination campaign ahead of the country's general election in February 2024.