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Paying citizenship with Bitcoin in small pacific island

Paying citizenship with Bitcoin in small pacific island

Bitcoin being introduce by many businesses as a means of payment has now unlock the ways for citizenship. The small pacific island will allow you paying citizenship via Bitcoin.

Vanuatu information center

The Vanuatu information center has announced bitcoin payment. And assures that accepting bitcoin as a fee for citizenship is the secures approval from Government. This center administers the applications to the Pacific island country’s honorary citizenship program. However, it is probably the first citizenship investment program allowing crypto payments.

Accordingly, the statement by center stated that immigration fee of $280000 could go around 58 bitcoins if converted.  It is presently value more than $4500/coin.

Individuals with the citizenship can stay on the island and can also travel around 125 countries comprising Russia, Britan and other parts of European Union without a Visa.

James Harris who is the managing directors of the center stated

“Crypto-currency transactions are set to become very entrenches in global finance”.

He further wrote in an email to Quartz that

“It makes sense for countries offering Citizenship by Investment Programs to respond to the inevitable adoption of crypto-currency for such transactions”.

Since, payment via digital currency is a more transparent and safe way, Vanuatu citizenship claimes

“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

Where few countries ban ICO and crypto trading including South Korea and China, Vanuatu is interested to commence the crypto payment at earliest. However, they do not have plans to accept bitcoins directly now. Therefore, they will accept bitcoins into dollars for the Government”.

Mail conversation between Quartz and investment citizenship program

“We understand that there are significant numbers of bitcoin investors who have made significant returns (if you consider the 1,000% increase in value of bitcoin in the past 18 months),” he told Quartz. “We are creating a channel for these investors to realize some of their returns and convert their crypto holdings into a highly valuable personal asset for their future.”

With this start, since, one can expect there is more to come in market yet. Where bitcoin price hits $4500, Eth and Bitcoin cash and other currencies are progressing to beat the leading ones.

Author

Tabassum M

A research has got to come out with her writing. She writes, research and share frequent updates and trading guide. Tabassum is guest content writer at Coinpedia and contributed her effort to many other crypto blogs online.