116 UGLOBAL IMMIGRATION MAGAZINE
THE ROLE OF CRYPTOCURRENCY IN THE RCBI MARKET
BY SALMAN SIDDIQUI , STAFF WRITER
Lack of a universally accepted legal framework on the trillion-dollar cryptocurrency market is currently limiting the potential the digital funds could have for global investors .
There are still only a handful of countries that allow digital currencies for investment immigration purposes , leaving several global immigration firms at a disadvantage since they cannot tap into the now trilliondollar cryptocurrency market .
There seems to be a dire need for sovereign states and international bodies to come up with a globally accepted legal framework that would allow cryptocurrencies to thrive and in turn allow investment immigration firms to offer tailored solutions to their clients .
While some countries like El Salvador have embraced cryptocurrency , offering permanent residency options on the basis of cryptocurrency , others such as Panama offer options like the use of capital gains from cryptocurrency for immigration purposes ; however , there are quite a few like Portugal that do not offer the opportunity to use cryptocurrencies for investment immigration at all even though the digital funds is considered legal and laws are in place to regulate its activity .
In several countries such as Cyprus and Turkey , especially from the point of view of investment immigration , there is