đđđ El Salvador Passes Law to Offer Citizenship to Foreign Bitcoin #investors
El Salvador's Congress has approved a groundbreaking law allowing foreign individuals to acquire citizenship by investing in Bitcoin, as reported by Reuters. The unicameral legislature, dominated by President Nayib Bukele's New Ideas party, voted in favor of the citizenship law during a late-night session on December 21.
The new law offers expedited citizenship to foreign investors who make Bitcoin "donations" towards El Salvador's social and economic development initiatives. Unlike traditional citizenship programs, this approach does not specify a minimum donation requirement, making it accessible to a broad range of investors.
Notably, the legislation streamlines the naturalization process for non-Spanish-speaking investors, eliminating the usual five-year residency requirement. Instead, investors in Bitcoin can acquire citizenship more swiftly, aligning with El Salvador's pioneering adoption of Bitcoin as legal tender in 2021.
The reform underscores President Bukele's focus on development, acknowledging the role of "altruistic foreigners interested in supporting the economic, social, and cultural development of El Salvador ... by donating bitcoin."
El Salvador has recently reported a profit of $3.6 million from its Bitcoin strategy, with the nation benefiting as Bitcoin's price surpassed its average purchase cost. Despite these gains, President Bukele has emphasized a long-term #Strategy , stating that El Salvador has no plans to sell its Bitcoin holdings.
The decision to adopt Bitcoin as legal tender in 2021 reflects Bukele's vision of utilizing #cryptocurrency for economic growth and autonomy. By integrating Bitcoin into the national economy, Bukele aims to reduce dependence on traditional, inflation-prone currencies like the U.S. dollar, not only for El Salvador but potentially for other South American nations in the future.
