Things to know about moving to this earliest of Bitcoin legal tender adopter
El Salvador, a tiny country in Central America, is looking to be one of the world’s foremost destinations for Bitcoin.
After adopting Bitcoin as legal tender in June, the country is planning to give out “starter” accounts with $30 to promote the cryptocurrency, allocating $120 million in total to as many as 4 million accounts.
The official digital wallet created by the government will be known as “Chivo,” a slang word meaning “cool” or nice. Besides this official wallet, there will be a range of other private wallet options available for Salvadorans.
The bitcoin legal tender law will go into effect in September. For Americans who are into Bitcoin and are looking for adventure in a country that’s more off the beaten path, consider the following about relocating to El Salvador:
- El Salvador has one of the lowest costs of living in Central America. This alone is a top benefit to living there, even temporarily.
- Americans can travel to El Salvador visa-free. An initial entry card is good for 90 days and it must be purchased for $12 USD. However, according to the U.S. State Department, if you plan to remain in El Salvador for longer than 90 days, you must apply in advance for a multiple-entry visa. These can be received at the El Salvador embassy in Washington, D.C., or the 18 consulates located throughout the U.S.
- If you enjoy hot, balmy weather, this country is for you. The dry season is from November to April and the wet season from May to October.
- Getting a job there can be difficult even for locals, much less for expat Americans. Arrive in the country able to handle your own foreign-based income, whether through Bitcoin or a mixture of it and something else.
- Local celebrations can last for days and weeks. Get in the mood and participate!