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Bitcoins have created a “craze” around the world, with 600% growth in the last 12 months, and constantly increasing value over time, despite some downs. Now, the Pacific island nation of Vanuatu is the first nation to grant citizenship to people in exchange for bitcoin.
Such application of bitcoins has not been used so far by any other country or nation. The price of the citizenship will be around $200,000, which is now around 43 bitcoins. According to Sputnik News, the transactions for citizenship and bitcoin exchange will be done through the Australian bitcoin exchange.
The idea of buying a citizenship with bitcoins may be adopted by other nations, depending on the initial perception and rate of success of Vanuatu’s innovative way to increase its population using the “people’s currency”.
Sputnik News recorded an interview with Sebastian Quinn-Watson, venture partner at a bitcoin mining company called Blockchain Global Limited, who shared:
“It’s really probably a wonderful case-study, just more general in crypto-currencies and how to rebalance the power dynamic and how a tiny little nation all of a sudden can start competing with Thailand and Singapore and really attracting that citizenship dollar.”
One of the most attracting features of having such citizenship is the visa-free travel to 113 countries and lack of income taxes, as reported by Sputnik News.
The technology of blockchain has found many applications and industries to disrupt including real estate, healthcare, sports and many others. However, becoming a citizen of a certain country via bitcoins is a totally new idea, and depending on the results of Vanuatu’s initiative, other countries and nations may adopt the “bitcoin nomads” idea.