El Salvador Offers Citizenship to Bitcoin Investors
22 Dec, 2023 ● Crypto News
According to reports, the Legislative Assembly of El Salvador has approved a migration law that will grant foreigners who donate Bitcoin (BTC) to government programs for social and economic development, expedited citizenship.
A Reuters report stated that the country's legislature approved the reform on December 21 with backing from Nayib Bukele's New Ideas party.
It is anticipated that the law will take effect in the coming days.
In order to run for president on February 4, 2024, Bukele temporarily resigned as the nation's head of state. In September 2021, he declared Bitcoin legal tender, starting El Salvador's Bitcoin revolution.
The new law has not yet been formally announced by the Salvadoran government, but the National Bitcoin Office (ONBTC) has reposted a number of X (previously Twitter) posts with the information.
All Bitcoin and cryptocurrency initiatives across the country are overseenby the ONBTC, a unique administrative unit.
As per Reuters, Bukele deemed the bill to be of "vital interest," considering that numerous projects related to Bitcoin are presently being developed by foreign Bitcoiners.
“Altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador [...] by donating bitcoin,” the bill reportedly states.
According to Reuters, there is no minimum donation requirement stated in the law.
The announcement was made approximately two weeks after El Salvador introduced the Bitcoin Freedom Visa, which allows foreigners to enter the Central American nation with an investment of $1 million in BTC or USDT.