Vanuatu becomes the first country to accept Bitcoin for citizenship

Earlier this week, Vanuatu became the first sovereign nation to accept bitcoins in return for granting citizenship through its DSP Citizenship Program.

The Chairman of the Vanuatu Information Center (VIC) – which oversees Vanuatu citizenship applications - Geoffrey Bond, had sent an official request earlier this month seeking permission to accept bitcoin as a form of payment. Andrew Solomon Napuat MP, the Parliamentary Secretary to the Prime Minister of Vanuatu, affirmed the decision last week.

In a statement to news media, Bond stated that “While attempts have been made in the past to effect payments for citizenship by investment programs via Bitcoin, these efforts never had government approval, and were shut down as a consequence. However, in this case, the Government of Vanuatu has explicitly expressed a desire to be at the forefront of adopting new technologies, officially encouraging the VIC to receive payments in Bitcoin.”

The Chairman added that an unnamed Australian bitcoin exchange, which follows Australian KYC and AML regulations, would handle the bitcoin transaction at the time of payment, which occurs at the end of the application process.

https://bravenewcoin.com/news/vanuatu-becomes-the-first-country-to-accept-bitcoin-for-citizenship/