El Salvador Passes Law to Offer Citizenship to Foreign Bitcoin Investors
El Salvador‘s Congress has passed a new law enabling foreign citizens to obtain citizenship by investing in Bitcoin, according to Reuters.
On Dec. 21, the Salvadoran unicameral legislature, dominated by President Nayib Bukele‘s New Ideas party, voted in favor of the new citizenship law. Conducted during a late-night session, the vote garnered significant support, paving the way for the swift enactment of the policy.
The newly approved law grants expedited citizenship to foreign investors who make Bitcoin “donations” towards El Salvador’s social and economic development programs. This approach is part of a broader strategy to attract foreign investment and bolster the nation’s economy. The law notably omits a minimum donation requirement, making it accessible to a wide range of investors.
Furthermore, the law simplifies the naturalization process for non-Spanish-speaking investors, waiving the typical five-year residency requirement. Instead, individuals who invest in Bitcoin can gain citizenship more rapidly, a move that aligns with El Salvador’s pioneering adoption of Bitcoin as legal tender in 2021.
The reform emphasizes the significance of President Bukele’s development initiatives, specifically mentioning the role of “altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador … by donating bitcoin.”
On Dec. 4, President Bukele announced that El Salvador’s Bitcoin strategy has paid off, with the nation realizing a profit of $3.6 million. This profit comes as Bitcoin’s price surged above El Salvador’s average purchase price, marking a significant turnaround from previously reported paper losses.
“Our BTC investments are in the black!” announced President Bukele in a post.
El
Read more on cryptonews.com
