The Legislative Assembly of El Salvador has passed a migration law that allows foreigners to obtain expedited citizenship by making Bitcoin donations to government programs. The law, which emphasizes support for the country’s development initiatives, is expected to take effect soon.
The reform, supported by the New Ideas party led by Nayib Bukele, was approved on December 21. Bukele, who played a pivotal role in El Salvador’s adoption of Bitcoin as legal tender, has temporarily stepped down from his position to focus on the upcoming presidential campaign.
The new law recognizes the “altruistic interest” of foreigners in supporting the economic, social, and cultural development of El Salvador through Bitcoin donations. Notably, the law does not specify a minimum requirement for the donation.
In addition to this migration law, El Salvador has introduced the Bitcoin Freedom Visa, which allows foreigners to obtain a visa by investing $1 million in BTC or Tether (USDT) within the country. Acquiring citizenship through this initiative comes at a higher cost, starting at $100,000.
These initiatives align with El Salvador’s efforts to address financial challenges and stimulate economic growth. The government is actively engaged in negotiations with the International Monetary Fund (IMF) for a new financing program, as concerns about the risks associated with Bitcoin adoption have been raised.
Furthermore, El Salvador is reportedly exploring the launch of its own Bitcoin exchange-traded funds (ETFs). This potential ETF would enable both Bitcoin deposits and withdrawals, providing a comprehensive avenue for cryptocurrency investments within the country.
Overall, El Salvador continues to make bold moves in the cryptocurrency space, aiming to attract foreign investment and promote economic development through Bitcoin-related initiatives.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇸🇻 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Nayib Bukele |
| Companies | Legislative Assembly of El Salvador, National Bitcoin Office (ONBTC), International Monetary Fund (IMF), Sprott physical Gold ETF, New Ideas party |
| Currencies | Bitcoin |
| Securities | None |
