Vanuatu becomes the first nation to accept the Bitcoin in exchange for citizenship

Vanuatu, the South Pacific island nation became the first country in the world to accept Bitcoin in exchange of the citizenship. The program of citizenship of Vanuatu costs 200 000 $. This means that at the current exchange rate, the program costs less 41.5 bitcoins.

Vanuatu wants to become a pioneer

Vanuatu is a country of the Commonwealth, the citizenship program allows you to travel visa-free in more than 100 countries, including a large part of Europe. The president of the information Centre of Vanutu (VIC) stated that ” the government of Vanuatu has explicitly expressed the desire to be at the forefront of the adoption of new technologies, encouraging VIC to accept payments in Bitcoin. “And add that” in addition to the regular audits of the due diligence required to obtain the citizenship of Vanuatu, all Bitcoin transactions will be executed through the facilities of the australian stock Exchange and will meet the normal requirements of compliance, imposed by the authority of australian financial regulation. “

The crypto-currencies, as a means to attract investors

It is Christian Nesheim, senior migration specialist of investment, which has advised the government of Vanuatu to adopt this method of payment. According to him, ” this is going to give Vanuatu a substantial competitive advantage on the market of the citizenship. “Nesheim describes a population growth of early investors in Bitcoin who would like to realize a portion of their profits, without incurring significant taxes on the capital gains. “It suggests that many of these investors would seek to” convert their crypto-currency into tangible assets in a jurisdiction with low taxation. “Finally, still according to Nesheim, since Vanuatu is now the only country to offer citizenship in exchange for Bitcoins, the program will increase interest more or less immediate.

 

The VIC rejects the accusations made against the crypto-currencies

The director-general of the VIC, James Harris, has addressed the suspicions surrounding the use of crypto-currencies in the financial transactions, and in particular fears that they can be related to activities with villainous. Harris rejects these concerns, arguing that ” the crypto-currencies are evolving in a registry that is fully-traceable, where the full story of its creation and of its trade is visible. According to Harris, the adoption by Vanuatu of the digital currency ” contributes to the strengthening of the fight against money laundering. “

Source : News.Bitcoin