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Vanuatu Becomes First Nation to Accept Bitcoin in Exchange for Citizenship

Oct 10, 2017 Posted /  9968 Views

Vanuatu Becomes First Nation to Accept Bitcoin in Exchange for Citizenship

The Pacific Ocean island nation of land has become host to the world’s initial government to simply accept bitcoin in exchange for citizenship. Vanuatu’s citizenship program prices $200,000 USD, which means that at current costs the residency program prices but forty one.5 bitcoins.

Also Read : Pay online bill upto $300with Bitcoin or Ethereum

As country may be a member of the Commonwealth of states, the citizenship program grants visa-free visit over one hundred countries, together with a lot of of Europe.

The chairman of the country info Centre (VIC), Geoffrey Bond, has explicit that “the Government of country has expressly expressed a need to be at the forefront of adopting new technologies, formally encouraging the VIC to receive payments in bitcoin. Bond states that “in addition to the traditional due diligence integrity checks that square measure needed to get country Citizenship, all bitcoin transactions are run through our partner’s Australian Exchange and meet with the traditional compliance necessities obligatory by the Australian monetary Regulator.”

Christian Nesheim, AN investment migration specialist World Health Organization suggested the country government, has delineate the choice as giving country “a sizeable competitive advantage within the citizenship market”.

Under the citizenship program, foreigners United Nations agency wish to become Vanuatuan voters ought to pay Bitcoins through associate Australian digital currency exchange. The exchange ought to befits the necessities mandated by monetary rules in Australia.

As land could be a member of the Commonwealth of countries, its voters are allowed to travel in 113 countries, as well as European Economic Community (EU) states, Russia, and nice UK, while not a visa. This privilege also will run to foreigners United Nations agency have non heritable Vanuatuan citizenship.

According to investment migration knowledgeable and VIC authority Christian Nesheim, Vanuatu’s move to just accept Bitcoin as payment can provides it a competitive advantage within the world citizenship market.

The decision maker of the VIC, James Harris, has addressed “suspicions encompassing the employment of cryptocurrency in monetary transactions” together with “fears that it will be associated with undesirable activities.” Harris dismisses aforesaid issues, stating the “the opposite is true, as crypto-currency exists in an exceedingly absolutely traceable ledger wherever the whole history of its creation and commercialism is visible.” Harris delineate Vanuatu’s acceptance of the cryptocurrency as comprising a “further strengthening of [Anti-Money Laundering] processes” relating bitcoin.

Dominic Volek, head of the citizenship practice firm Southeast Asia for Henley & Partners, states that “there has been a pointy increase worldwide within the range of people needing to acquire a helpful second or third residence or citizenship to broaden their family’s opportunities and expand their business interests in a very ever-changing and unsure world”, closing that “more associate degreed additional governments are seeing these programs as an innovative method of driving economic process.”

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