Vanuatu Citizenship Offered For Under 50 BTC

Vanuatu Citizenship Offered For Under 50 BTC

This article was first published by Matthew Tompkins at Bitcoinist

The announcement marks the first time that a country’s citizenship can be bought with Bitcoin, setting an exciting precedent for the still relatively nascent currency. The move comes as people increasingly adopt a more globalized outlook with a rise in people seeking as many as 3 nationalities in total. It also coincides with a time of increasing uncertainty in regards to borders and immigration with many governments looking to capitalize on this new form of citizenship revenue.

Dominic Volek, head of Southeast Asia for Henley & Partners, a citizenship consultancy firm, says:

There has been a sharp increase worldwide in the number of individuals wanting to acquire a beneficial second or third residence or citizenship to globalize their family’s opportunities and expand their business interests in a changing and uncertain world. More and more governments are seeing these programs as an innovative way of driving economic growth.

Some argue that the move to grant citizenship for Bitcoin demonstrates why Bitcoin can never be banned, pointing out that one country’s ban, with its inherent loss, would become another country’s gain. An example would be the outlawing of and measures taken against companies related to gambling. In this area, countries that have then adopted more flexible gambling legislature ,such as Malta, have gone on to benefit from the migration of such gambling entities.

China As Case In Point

China’s First Bitcoin Documentary Premiere

Simon Black of Sovereignman.com argues:

Bitcoin will be no different. Some governments will idiotically chase away the wealth, investment, and opportunity that comes from blockchain and cryptofinance. Others will embrace it. They’ll become safe havens.

These accusations of idiocy can easily be levelled currently at China, who recently took the unprecedented step of attempting to shut down the country’s cryptocurrency exchanges, citing that they claim to have technological benefit but that they actually do not.

Is a more global citizen at the heart of Bitcoin’s decentralisation? Will we begin to see more examples of Bitcoin opening the way to buying citizenship to a country? Let us know what you think in the comments below.

This article was first published by Matthew Tompkins at Bitcoinist

Matthew Tompkins 2017-10-11T23:35:05+00:00

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