El Salvador’s National Bitcoin Office (ONBTC) expects its $1 million ‘Freedom Visa’ initiative to reach full subscription by the close of 2023, as reported by Cointelegraph.

What Happened: Launched on Dec. 7, this initiative is a collaboration between the Salvadoran government and stablecoin issuer Tether. The program offers residency visas and a path to citizenship to 1,000 individuals, provided they make a $1 million donation in Bitcoin (CRYPTO: BTC) or Tether (CRYPTO: USDT) to the country.

Since its inception, the ONBTC has received numerous inquiries and substantial applications. The office’s spokesperson confirmed that the program is capped at 1,000 slots per year.

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Why It Matters: The ‘Freedom Visa’ program, is a landmark initiative aimed at attracting high-net-worth individuals and investors. If fully subscribed, the program could pump $1 billion into the Salvadoran economy annually.

Moreover, El Salvador’s Bitcoin bond, also known as the “Volcano Bond,” received regulatory approval, setting the stage for its launch in Q1 2024. This approval signifies a new chapter in the country’s integration of Bitcoin into its national economy.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.