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You can now purchase citizenship of the country with the world’s 34th most powerful passport with bitcoin.
The Vanuatu Information Center, which handles applications to the Pacific island country’s honorary citizenship program, announced this month that the center has secured government approval for taking fee payment in bitcoin. It’s the first citizenship investment program to allow payments in a cryptocurrency, the center noted in a statement. The immigration fee of $280,000 translates into around 58 bitcoins at the current market price of $4,843.
“Crypto-currency transactions are set to become very entrenched in global finance,” James Harris, managing director of the center and official representative for the investment citizenship program, told Quartz via email. “It makes sense for countries offering Citizenship by Investment Programs to respond to the inevitable adoption of crypto-currency for such transactions.”
Vanuatu citizenship entitles individuals to reside on the island, and travel to some 125 countries, including Britain, Russia, and nations in the European Union, without a visa. Digital currency transactions involve a fully traceable and encrypted ledger, which advocates say increases transparency and security. In this case, payment will be taken through a nominated bitcoin exchange. “We are ready to immediately commence the processing of applicants and fully expect that within days to receive the first application under this new payment system,” Harris wrote.
Topic: First ever Country to accept Bitcoin as fee for Citizenship (Read 1532 times)