## El Salvador’s Bitcoin ‘Freedom Passport’ Program: A Reality Check?
El Salvador’s ‘Freedom Passport’ initiative, launched in December 2023, aimed to attract high-net-worth Bitcoin investors with the promise of residency visas in exchange for substantial investments. However, a recent inquiry into public records has raised serious questions about the program’s progress and transparency.
According to Diario El Mundo, the General Directorate of Migration and Immigration (DGME) has yet to issue a single Freedom Passport, despite the government’s target of attracting 1,000 participants annually. This revelation directly contradicts previous claims from government sources and reports circulated on X (formerly Twitter) earlier this year.
These reports suggested that at least two families and a Canadian investor had received their Freedom Passports, complete with unique identity documents (DUI), after investing in Bitcoin for social and economic development in El Salvador. Notably, these individuals reportedly received their passports within a short processing window of four to six weeks, in February and March.
The DGME’s latest statement, however, refutes these claims, stating that no Freedom Passports have been processed or issued since the program’s inception.
The program’s application process requires applicants to create an online account, submit a non-refundable fee of $999 in Bitcoin, and then transfer $999,001 in Bitcoin to complete the evaluation process if approved. Once issued, passports were to be distributed through Salvadoran consulates and embassies. However, the lack of any processed applications raises concerns about the program’s management and transparency.
While the program’s lack of progress is concerning, it’s crucial to understand the broader context. El Salvador’s ambitious agenda of integrating Bitcoin into its financial system has faced challenges, and the ‘Freedom Passport’ program is one element of this larger strategy.
As the global digital asset landscape continues to evolve, discussions on the impact of such government-backed initiatives will likely take center stage. The upcoming Benzinga Future of Digital Assets conference on November 19th promises to be a key forum for these discussions.
The future of the ‘Freedom Passport’ program remains uncertain. While the government may be working behind the scenes to address the issues hindering its implementation, this recent inquiry highlights the importance of transparency and accountability in government-led initiatives, especially in the rapidly evolving world of cryptocurrency.
