Subscribe Terra Purchases $135 Million in Bitcoin for the UST Stablecoin Reserve Skip to main content


How the Saint Lucia Citizenship By Investment Program Can Benefit Crypto Investors Seeking a Tax Haven

  Photo by yousef alfuhigi on Unsplash Cryptocurrency investors are always on the lookout for tax-efficient solutions to minimize their tax liabilities. One option that is gaining popularity among investors is the Saint Lucia Citizenship By Investment Program. In this article, we'll explore how this program can benefit cryptocurrency investors looking for a tax haven country. Saint Lucia is a sovereign island country located in the Caribbean Sea. Its Citizenship By Investment Program (CIP) was established in 2015, allowing investors to obtain a second passport by making a qualifying investment in the country. Saint Lucia's CIP has become a popular choice for high-net-worth individuals and entrepreneurs seeking a safe haven to protect their assets and minimize their tax liabilities. Saint Lucia's second passport permits travel to 145+ global countries visa-free, including the United Kingdom, Singapore, Hong Kong, as well as the European Union countries. The Saint Lucia pass

Terra Purchases $135 Million in Bitcoin for the UST Stablecoin Reserve

Bitcoin, ether, and other cryptocurrencies maintained their gains from the previous two days, with technical factors pointing to continued strength in the digital asset market. Bitcoin, the leading cryptocurrency, was up 1% in the last 24 hours to near $47,700; it was trading around $42,000 at the same time last week, surging above the key technical level of $45,000 late Sunday and continuing to gain on Monday.
Do Kwon, co-founder and CEO of the Terra blockchain company, confirmed to Bloomberg that the company had purchased more than $1 billion in bitcoin since the end of January. This includes a $135 million purchase on Monday (March 28). Kwon stated that the cryptocurrency was purchased using the Bitcoin address of the Luna Foundation Guard, which is based in Singapore.

Terra's purchases are in part in response to criticism levelled at UST, which, unlike centralised stablecoins such as Tether, is not backed by a fiat currency. The coin has kept its link to the dollar by issuing and destroying Luna tokens, Terra's native crypto, and for every UST created, $1 worth of Luna will be burned on the Terra blockchain. A bitcoin reserve for UST will aid UST's ability to maintain the dollar peg, which will be especially useful when Terra faces a short-term demand for UST redemption.