Grant citizenship for Bitcoin donations
In an important late-night decision on December 21, El Salvador’s unicameral legislature approved a new immigration law that would provide a fast path to citizenship for foreign investors who donate Bitcoin. This landmark law, approved by President Nayib Bukele’s New Ideas party, aims to accelerate the process of obtaining Salvadoran citizenship for those who contribute to the country’s social and economic plans through Bitcoin. do.
Immigration Revolution: Encouraging Global Investment through Bitcoin-Focused Citizenship Policies
As Reuters reports, the new rules, which are scheduled to take effect soon, do not have a specified minimum donation amount. The law effectively allows qualified individuals to bypass the existing naturalization requirements of five years of continuous residence for nationals of non-Hispanic countries and two years of residence for those married to citizens of El Salvador.
At the same time, the El Salvador Free Visa is reportedly available to anyone who invests a total of $1 million in Bitcoin (BTC) or USDT, an effort to advance the country. The overarching goal of this policy is to create an environment conducive to individual contributions in shaping El Salvador’s economy and raising the profile of Bitcoin.
The move comes after El Salvador’s landmark move to adopt Bitcoin as its national currency in 2021. Despite gradual uptake and limited uptake, the government of El Salvador has been actively purchasing 1 BTC per day since November 2022 as part of a strategic effort to strengthen its treasury.
The plan will not only transform El Salvador’s economic landscape, but also position the country as a cultural center, with a focus on empowering people to play a direct role in building a new economic system and ensuring a promising future for the world’s first cryptocurrency. We are planning to enrich it with .
Recent legislative developments reflect El Salvador’s commitment to integrating Bitcoin into the fabric of the country and its efforts to attract global investment through innovative economic policies.
🇸🇻 El Salvador passes law providing citizenship to foreign Bitcoin investors
El Salvador’s Congress has passed a new law allowing foreigners to obtain citizenship through investment. #Bitcoin.#Cryptocurrency Newshttps://t.co/3hCj6BXhK7
— Cryptonews.com (@cryptonews) December 22, 2023
