CBI/RBI industry have grown to $10 billion dollar industry annually, expanding globally in many countries, and is projected to grow 20% every year. Bitcoin and other crypto-currencies are still not accepted widely in the CBI/RBI/EB-5 industry. Lack of knowledge and difficulty in understanding about cryptocurrency and blockchain has pushed the industry behind others from using new emerging technologies. The reliance of fiat currencies including US dollar and banking services are far greater than ever. The industry needs a fast, cheaper trusted crypto payment solution.
What is Citizenship Coin?
Citizenship coin (CTZ) is a first of its kind crypto currency payment system for the CBI/RBI industry built on the top of blockchain. Citizenship coin offers full freedom to legally buy citizenship or residency in several countries in the World, to become a ‘World citizen’. Highly qualified wealthy investors and their families can acquire second citizenship or permanent residency through CBI/RBI schemes.
Citizenship coin is backed by a strong Euro currency, rather than US dollar. The value of one citizenship coin is tied to one euro. This makes it stable and non-volatile crypto-currency unlike Bitcoin.
1 Citizenship coin (CTZ) = 1 Euro
Citizenship coin can be used to pay for citizenship related services throughout the world including real estate, not just limited to CBI/RBI/EB-5 industry. Property developers, Agents and even Governments promoting citizenship and residency programs may chose accept citizenship coins in the future.
How do i get Citizenship coins?
There are two ways to get citizenship coins.
1. Buying (1 CTZ = 1 Euro)
2. Mining yourself (with source code licensed as crypto bank, see in the mining section)
You can securely send and receive citizenship coins by downloading and installing the Citizenship coin wallet software in our homepage, which works in Windows/Mac/Linux.
Why not Bitcoin?
Bitcoin is the first ever created cryptocurrency by Satoshi Nakomoto in 2009 and is the most popular cryptocurrency in the world. The widespread adoption and explosive growth of Bitcoin and other cryptocurrencies like Ethereum, Ripple, Litecoin has pushed the Bitcoin price to $10,000 per coin. But Bitcoin has several problems. Several countries have already banned bitcoins. Banks in several countries already block payments for buying and selling bitcoins citing crime, money laundering and other illicit activities.
Bitcoin and other crypto currencies are also highly volatile, cannot be safely used for payments within CBI/RBI/EB-5 industry. The industry needs a stable, safe and trusted cryptocurrency.
Bitcoin and other major crypto currencies have no KYC/AML done on the transactions which presents a high risk and cannot be a viable crypto currency solution for the CBI/RBI industry.
Bitcoin and other publicly traded crypto currencies have also become a safe haven for countries like Iran, North Korea, Iraq, Somalia, Venezuela, Yemen etc.. to evade latest US sanctions. People from these countries are known to buy Bitcoin and other major cryptocurrencies and then convert to fiat currencies to evade such sanctions. US citizens and companies (eg.EB5) cannot do business or accept funds from these countries.
For these reasons, Bitcoin and other crypto-currencies pose as cannot be used within the CBI/RBI/EB-5 industry, as this brings more problems then benefits.
Therefore we propose “Citizenship coin”, our new own industry standard cryptocurrency for the investment migration industry offering CBI/RBI schemes. Citizenship coin will be complaint to all KYC/AML rules and will conform to all industry regulations.
How much it costs?
It only costs a fraction, to send payments and payments are confirmed within 10 minutes. For example to send 1 million coins equivalent of 1 million euros, the transfer fee is only 0.1 CTZ and much less. The coin network is scalable to handle over 10 million transactions per day. In 2014 Paypal handled 10 million transactions per day and credit card company VISA and Mastercard handles on average 3 million transactions per day. There is no limit on amount of coins sent.
How it works?
- Clients buy citizenship coins (CTZ) from the Crypto exchange within their country paying in local currency, at a price equivalent to Euro. Only crypto exchange handle fiat currencies. Local agents should only handle crypto coins. Invoices can be issued accordingly.
- Local crypto exchange transfers initial fee as CTZ to local agent, who then transfers the fee to Authorized agent who handles all paper work. For real estate purchase, the cryptobank transfers coins directly to the real estate developer outside the country. The coins can be cashed by developer from the coin bank operating in the country. Local agents can only transfer small fees such as initial fee less than CTZ 10,000 to the developer. Large volume payments are handled by Cryptoexchanges.
- Once application is approved, client again buys coins (say for donation option $100K) and the crypto exchange transfers the equivalent directly to the Government as CTZ. No middlemen involved.
- The Government can convert CTZ coins to Fiat (EUR, ECD, CHF, USD) from the cryptoexchange. The Government can pay CTZ to third parties or due diligence providers which again can be converted to fiat by these firms.
- Local agents and authorized agents and others can rely on third party due diligence firms for initial background checks and pay through CTZ
- The authorized agent receives commissions from the Government, shares it with local agent by sending CTZ coins, which can then be exchanged to fiat at the exchange.
Crypto Exchange: Crypto exchange is a crypto bank that exchanges citizenship coins with fiat currency. It also supports major currencies such as ECD, USD, CAD etc exchanged at EUR prices, since 1 CTZ =1 EUR. Crypto exchanges are licensed to mine (create) citizenship coins with developer license specific to market demand. All buy/sell transactions incur 1% exchange fee. The crypo exchange is operated collectively by the CBI/RBI industry.When the volume of transactions is high, the crypto exchange can apply for banking license in the operating country. Exchanges can freely exchange coins and fiat currencies with each other. Only Crypto exchanges can handle large payments over 10,000 CTZ for trust and prevent fraud with agents. Crypo Exchange must handle volume of 1 million CTZ or more. A crypto exchange can be setup with the licensed source code.
Crypto Exchange must be setup in all countries running CBI/RBI programs: Dominica, Antigua, St Kitts, St Lucia, Malta, Cryprus, Portugal, Greece etc..
Crypto Exchanges must also be setup where there are great demand for clients: Dubai (handling Middle east clients), Hong Kong (chinese clients), Russia (russian clients), India (asia clients), South Africa, Brazil etc.. All Crypto-exchanges function in a decentralized way.
Local Agent: A local agent is authorized by Authorized agent to operate in the country. Local agents or authorized agents can send or receive maximum limit of CTZ 10,000
Authorized Agent: The authorized agent is appointed by the Government and licensed to handle CBI/RBI applications. Authorized agents pay small amounts such as application fees or passport fee to Governments using CTZ coins.
Real Estate Developers: Approved real estate properties authorized by the Government to qualify for Citizenship or Residency. The local agent serves as intermediary to authorized agent and real estate developer moving the paperwork.
Due Diligence Firms and Third Parties: Agents and Governments can take the services of due diligence firms or third parties for KYC and background screening.
Government: The Government CIU unit holds a ledger of Authorized agents, Real estate developers, Local agents and all other service providers. This eliminates the risk of unauthorized persons offering passport programs and cannot participate in the citizenship coin network. Crypto exchanges must verify and check this information with Government before making CTZ payments.
Solution to Correspondent Banking Problem
Cryptocurrency is the solution for correspondent banking problems faced by the industry. There are severals issues with correspondent banking such..
– Centralised
– Expensive bank fees and high Forex conversion levied (see the graph below)
– Time delays
– Relying on one single fiat currency such as US dollar
– CB operate at different Timezones
– Compliance issues
– Takes 3–4 working days to receive funds (wont work on holidays)
– Double conversion: Many banks only support major foreign currencies, this causes waste of money for doing double conversion. For example it is not possible to convert Indian rupee to Hungarian forint, rather it is converted to USD and then done, making it more expensive. For example costs $137 to send $4800 which almost 3% charges through correspondent banks.
As you can see above, traditional Correspondent banks are replaced by crypto exchange banks and involves transacting CTZ coins with each other. In other words, we are setting up our industry backed crypto bank. This completely eliminates correspondent banks, and reliance on one single currency such as US dollar.
To transfer 1 million citizenship coins, it will only cost 0.2 CTZ and payment is confirmed within 10 minutes and the coin network can scale to 10 million transactions per day.
The real fiat money is held in crypto exchanges, so if citizenship coins are lost or stolen, real money equivalent of coins is not lost and thus can be recovered. The assets of Coin exchange will be insured accordingly.
If the coins are sent to a wrong address or password is forgotten, then it is impossible to recover the coins.
Free Open Source
Citizenship coin is a free software and its source code is licensed as free open source to CBI/RBI/EB-5 industry. It is not free and closed to the general public outside of the industry.
Mining
Citizenship coins can be mined (created) with the licensed source code to establish a Crypto Exchange (Crypto Bank) established collectively by the CBI/RBI industry. All is needed is a powerful computer, linux system, internet and advanced computer knowledge (we can help you for a fee). About 6 blocks can be generated every hour and mining each block rewards 250 citizenship coins. After generating 100 blocks the coins are available for spending. Mining blocks confirms transactions for maturity thus making it spendable.
To mine large number of coins through a pool ASIC compatible GPU are required (mining farm). Citizenship coins can be created through a process known as ‘mining’. Just like gold is mined, only few coins can be mined every hour, because of the algorithmic difficulty algorithm. Generating a block rewards 250 citizenship coins. Every four years this difficulty will double and will require enormous processing power and electricity to generate coins. We are able to provide authorization to investment migration companies and Governments within the CBI/RBI/EB-5 to mine citizenship coins.
We charge a 10% developer fee for firms for license to mine establishing a Crypto Exchange. For example if you mine 1 million citizenship coins, you only have to pay 100K coins as a development fee. If you dont want to mine, you can buy citizenship coins by paying 1 euro per coin through the ICO.
Fiat Currencies
Citizenship coins can be bought and sold with fiat currencies such as EUR, USD, ECD, CHF, CAD etc for a small 1% exchange fee. Citizenship coins will not be traded in other crypto exchanges as we propose setting up our own in-house Coin Exchange for the industry, with the funds raised from investors or ICO.
Bitcoin and other Cryptos
Citizenship coin will also support other major cryptocurrencies such as Bitcoin(BTC), Bitcoin cash (BCH), Ethereum (ETH) and Litecoin (LTC), if KYC/AMC is met.
AML/KYC Regulations
The blockchain transactions of Citizenship coin will be subjected to KYC/AML rules and is complaint to other industry regulations. We currently plan to partner with third party due diligence firms and Self-Key, a secure digital identity system based on Blockchain for KYC validation.
Total supply
The total supply of Citizenship coins is limited to 105 million coins.
Whitepaper
Please read our whitepaper: https://citizenshipcoin.org/whitepaper.pdf
Initial Funding
We invite investors, ICO advisors and partners to join the Citizenship coin startup. We plan to raise 1 million euro initial fundraising for our startup. We invite investors starting from $50,000 into our project. We do not accept investors from countries that are subjected to US/EU sanctions.
The Citizenship coin startup is still in the initial phase of development. A mobile version is still not developed, for lack of funds and coin is promoted is on much smaller scale within the Fintech and Blockchain industry.
Free Coins
As a part of initial promotion offer, We offer 100 Free citizenship coins for industry professionals within the CBI/RBI industry.
Product Demo
We can show you the product demo and working of the coin. Please contact at [email protected]
Social Media
- Website: https://citizenshipcoin.org
- Twitter: https://twitter.com/citizenshipcoin
- Facebook: https://www.facebook.com/citizenshipcoin/
- Linkedin: https://www.linkedin.com/company/28603756/
- Telegram: https://t.me/citizenshipcoin
Note: The Citizenship coin is still in the initial phases or development. Any proposals and ideas are welcome from the industry. Please contact us with your proposals.
Appendix: Investment migration programs
The CBI/RBI schemes offer residency or citizenship in the following against an investment. There are over 20 countries offering CBI/RBI schemes for wealthy investors and families.
Citizenship by Investment (CBI)
- Malta — EUR 1 million (donation)Approximately 12 months
- Cyprus — EUR 2 million (real estate)in 6 months
- Antigua and Barbuda-USD 100,000 (donation) or USD 400k real estate in 3 to 4 months
- Grenada — USD 150,000 (donation) or USD 350k real estate in 3 to 4 months
- St Kitts and Nevis — USD 150,000 (donation) or USD 400k real estate in 3 to 4 months
- Vanuatu — USD 150,000 (donation)in 2 to 3 months
- Saint Lucia — USD 100,000 (donation) or USD 300,000 real estate in 3 to 4 months
Residency by Investment (RBI)
Residence-By-Investment (RBI) also known as ‘Golden visas’ are grant temporary residence, which can be extended to permanent residence or, in some cases, citizenship subjected to further conditions.
1. Portugal — USD 250,000 (business) or EUR 350,000 (real estate)3 to 8 months
2. Malta — EUR 550,000 in 4 to 6 months
3. Thailand Residence Visa — THB 500,000 (USD 15,000) in Less than 1 month
4. United Kingdom — GBP 2 million in Less than 2 months
5. United States — USD 500,00012 to 18 months
6. Switzerland — Annual lump-sum tax payment of between CHF 150,000 and CHF 1 million dependent on the canton of residence2 to 6 months
7. Canada — CAD 800,000 in 24 to 48 months
8. CyprusResidence permitEUR 300,000 (real estate) in 2 months
9. Greece — EUR 250,000 (real estate) in 3 months
10. Spain — EUR 500,000 (real estate) in 3 months
11. Ireland — EUR 500,000 (donation) or EUR 1 million (bonds) in 2–3 months
12. GermanyEU residence permitEUR 250,000 (business) in 3 months
13. Italy — EUR 500,000 (startup) in 3 months
14. Czech Republic — USD 3 million (business)3 months
15. The Netherlands — EUR 1.25 million (capital investment)3 months
16. Belgium — EUR 250,000 (business) 2 months
