- Legislative Facilitation: El Salvador’s new law streamlines citizenship for Bitcoin contributors, displaying a novel approach to harness cryptocurrency investments for the nation’s development.
- Global Attraction: The country’s recent Bitcoin-friendly initiatives, such as the “Freedom Visa,” reflect its concerted efforts to attract foreign investors keen on participating in its crypto revolution and developmental projects.
El Salvador’s legislative assembly recently passed a migration law granting accelerated citizenship to individuals making Bitcoin contributions to the country’s social and economic advancement initiatives. The approval of this reform, reportedly endorsed by Nayib Bukele’s New Ideas party on December 21, aims to expedite citizenship for Bitcoin contributors. While the law is set to be enacted soon, it follows the country’s progressive moves toward embracing cryptocurrency.
Citizenship through Bitcoin “Donations”
The legislation, although not officially announced by the El Salvadoran government, has been disseminated through various social media platforms, including X (formerly Twitter) posts shared by El Salvador’s National Bitcoin Office (ONBTC). This office serves as a dedicated administrative unit overseeing all Bitcoin and cryptocurrency-related projects across the nation. While seeking an official comment from the ONBTC regarding the law, no immediate response has been received.
Also Read: El Salvador’s ‘Volcano Bonds’: A Step Closer to World’s 1st Bitcoin-Backed Securities
According to reports, the bill identifies itself as a crucial initiative supporting El Salvador’s development. It emphasizes the contributions of altruistic foreigners willing to assist the country’s economic, social, and cultural growth through Bitcoin donations. Interestingly, the law does not specify a minimum donation requirement for potential citizenship applicants.
El Salvador’s Bitcoin-friendly Initiatives
This development arrives shortly after El Salvador introduced the “Bitcoin Freedom Visa,” offering foreigners an opportunity to obtain residency by investing $1 million in BTC or Tether (USDT) within the country. These proactive measures align with El Salvador’s broader vision to become a global hub for cryptocurrency investment and innovation.