El Salvador: Citizenship for Foreign Bitcoin Investors

• El Salvador Enacts New Law to Provide Citizenship to Bitcoin Investors
• Legislation Passed with Presidential Support
• El Salvador: A Leader in Bitcoin Adoption
• New Citizenship Reform Encourages Altruistic Bitcoin Donations
• Bitcoin and the Future of El Salvador

El Salvador Enacts New Law to Provide Citizenship to Bitcoin Investors

El Salvador, a pioneer in Bitcoin$42,260 -0.64% adoption, has recently passed a law to grant citizenship to international Bitcoin investors. This change in migration law aims to accelerate citizenship for foreigners who contribute Bitcoin to the government's social and economic development initiatives. It is anticipated that this law will be implemented in the coming days.

Legislation Passed with Presidential Support

The country's legislature passed the reform late on a Wednesday evening. The decision was supported by President Nayib Bukele's political party, New Ideas. Notably, the law does not specify any minimum Bitcoin "donation" requirement, making it accessible to all potential investors. The move is seen as a strategic step by the government to further develop the nation's Bitcoin project, especially with President Bukele seeking re-election in February.

El Salvador: A Leader in Bitcoin Adoption

El Salvador is one of the pioneering nations embracing Bitcoin in South America. The country made headlines in 2021 when it established Bitcoin as a national currency. However, the nationwide implementation is still underway.

New Citizenship Reform Encourages Altruistic Bitcoin Donations

According to the new citizenship reform, altruistic foreigners who are keen on supporting the economic, social, and cultural development of El Salvador can do so by donating Bitcoin. The reform states that individuals who meet these criteria can bypass the regular naturalization process requirements, such as five years of permanent residence for those from non-Spanish-speaking countries.

Bitcoin and the Future of El Salvador

In a related development, El Salvador's National Bitcoin Office (ONBTC) announced on December 11 that the country's Volcano Bond had received approval from the Digital Assets Commission (CNAD). The ONBTC anticipates the bond's launch in the first quarter of 2024, which is expected to further accelerate plans for the nation's Bitcoin City.

Edited by Jonathan Stoker