Key Highlights:
- Bhutan launches Digital Nomad Visa on Solana blockchain.
- For the visa, one requires TER, a stablecoin backed by gold.
- Bhutan becomes the first country to launch such an initiative.
Bhutan has introduced a new Digital Nomad Visa that uses blockchain technology (specifically Solana) to make the process of visa application and management system more modern and secure. Through this program, launched by the Gelephu Mindfulness City Authority in collaboration with NomadClub, people who work remotely, like freelancers, creators, or tech professionals, can live and work in Bhutan more easily.
What makes it unique is that it is bringing advanced crypto-based systems with Bhutan’s philosophy of prioritizing happiness and well-being (known as Gross National Happiness).
What is TER?
According to the official website, TER is a digital currency that is being built on the Solana blockchain. What makes it special is that each TER token is backed by real gold. Each TER represents a small share of actual 999.9% pure gold that is safely stored in vaults globally. It is issued by the Gelephu Mindfulness City Authority and distributed through DK Bank.
The best part is that TER will remain stable because it is linked to gold and one can even redeem it for real gold if needed. TER is combining the reliability of gold along with integration of blockchain technology and making it a safer and more practical digital currency.
Simple and Flexible Visa Process
The visa process is fairly simple and flexible. There are no strict requirements where one needs a said amount of income to get the visa. The target audience for this program are the ones that are from the field of tech and sustainability.
Applicants need to pay a $2,800 fee to the Gelephu Mindfulness City Authority and deposit $10,000 in TER through the DK Bank, which is refundable. The visa is valid for 12 months, however, it can be extended to 24-36 months.
Since TER is built on Solana, it provides low fees and fast transactions. The gold backing protects the users from sudden shifts in the market that could cause high volatility in the price of the token. The main goal is to offer a stable and modern way for digital nomads to live and work in the country.
Bhutan’s Unique Visa Model
There are several countries like Estonia, Portugal, and the United Arab Emirates that have introduced digital nomad visas, but these programs do not have blockchain integrations.
On the other hand, El Salvador has embraced cryptocurrency at a national level, even linking it to residency options, but it does not offer a visa tied to stablecoin backed by real-world assets like gold.
With the launch of this initiative, Bhutan becomes the first country to combine digital visa with blockchain technology and a gold-backed digital currency. Also, this initiative will push tourism, investment opportunities and increase visibility at a global level.
Moreover, this is huge because with this initiative, Bhutan is taking tokenization beyond investing and puts it into real, everyday use. Here, a gold-backed digital asset (TER) is not just something that you trade but is required for the visa, so basically it is tied to real-world processes. This also shows that tokenized assets are not confined to DeFi ecosystems. This move can push various other countries to explore RWA more and follow suit.
Also Read: Bhutan Govt. Moves $107M Bitcoin: How BTC Put Spotlight on the Nation
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