El Salvador’s Congress has passed a new migration law that allows expedited citizenship to foreigners who donate Bitcoin BTC/USD to the country’s social and economic development projects, according to a Reuters report.
What Happened: The bill was labeled a “vital interest” of President Nayib Bukele, who has temporarily stepped down from his duties to campaign for the presidential election in 2024.
Bukele has been a strong advocate of Bitcoin, as he made the cryptocurrency legal tender in September 2021.
The law is expected to come into effect in the coming days, but the government has not yet issued an official statement on the matter.
The country’s National Bitcoin Office (ONBTC), a special administrative unit that manages all Bitcoin and cryptocurrency projects in El Salvador, reposted the news on social media, as several Bitcoin-related projects are being developed by foreign Bitcoiners.
The bill reportedly states that “altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador… by donating Bitcoin” are eligible for citizenship, but it doesn’t specify a minimum donation requirement.
Benzinga reached out to Bukele’s office to confirm the news but has yet to receive a response at the time of publishing.
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Why It Matters: Meanwhile, El Salvador’s government introduced a new visa program called the “Adopting El Salvador Freedom Visa Program” with the aim of attracting high-net-worth individuals and investors.
The program is limited to only 1,000 participants each year and offers a path to citizenship to those who are willing to invest $1 million in either Bitcoin or Tether.
The program’s goal is to inject $1 billion into the Salvadoran economy. The announcement was made in the first week of December.
Photo by Esaú González on Unsplash
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