The Himalayan Kingdom of Bhutan has made a significant move in the cryptocurrency landscape by introducing a digital nomad visa program. This initiative allows individuals to invest $10,000 in its TER token, which is built on the Solana blockchain, to obtain a visa that permits them to live and work in Bhutan for a duration of 12 months.
The TER token was launched in December and is uniquely backed by physical gold, which is securely held by a regulated bank. The initiative is closely tied to the Gelephu Mindfulness City (GMC), a special administrative region in southern Bhutan, aimed at enhancing well-being in alignment with the country”s Gross National Happiness philosophy.
To acquire this visa, applicants must be professionals, entrepreneurs, or self-employed individuals in sectors that match the city”s technology-driven objectives. The application process includes a non-refundable fee of $2,800 paid to local authorities. Additionally, applicants are required to open an account with DK Bank and deposit a minimum of $10,000 worth of TER tokens. Once these steps are completed, the visa is issued, allowing holders to extend their stay for another year, with the potential to renewable for up to 24 months.
This program eliminates the previous necessity for work visa applicants to demonstrate an income of at least $2,500 per month, as well as waiving the sustainability development fee that had previously made Bhutan”s visa one of the priciest globally.
By issuing visas that are backed by tokenized gold on the Solana blockchain, Bhutan is setting a precedent in the realm of digital finance. The GMC board has characterized this initiative as a crucial step towards establishing a values-driven digital economy that is anchored in tangible assets and sovereign trust.
The integration of the new digital visa with the TER token is anticipated to drive global interest and adoption of this gold-backed asset. Timour Kosters, founder of Edge City, noted that the use of nomad visas serves as a strategic approach to foster the adoption of a sovereign digital asset.
In related developments, Bhutan has recently partnered with the SEI Network to enhance its blockchain infrastructure by installing node validators within the kingdom. However, despite these advancements, the performance of SOL has been underwhelming, experiencing a 2% decline in the last day, bringing its weekly losses to 10.5%. Currently, SOL is trading at $77, as only 20% of Solana wallet addresses are in profit, marking the lowest proportion since late 2023, indicating a downturn in market sentiment.
