El Salvador, the small Central American country that supports the cryptocurrency Bitcoin, has adopted a new law aimed at speeding up the process of granting citizenship to foreigners who support the country with Bitcoin donations.
El Salvador Offers Citizenship to Bitcoin Government Contributors
According to Reuters, the Legislative Assembly of El Salvador, earlier this past week, passed a new immigration law that allows for faster granting of Salvadoran citizenship to those who make Bitcoin donations to government programs for social and economic development!
It is expected to take effect in the next few days. The law aims to support the economic, social and cultural development of the country through Bitcoin.
The amount of donations needed to obtain an acceleration process is not mentioned in the law.
The legal text states that people who meet the conditions required to obtain Salvadoran citizenship “will bypass the requirements of the normal naturalization process for 5 years of permanent residency.”
Earlier this month, stablecoin issuer Tether, in cooperation with the government of El Salvador, unveiled a new visa program called the “El Salvador Freedom Visa Program.”
This program is offered to people who invest at least $1 million in the country.
El Salvador legalized the cryptocurrency Bitcoin more than two years ago.
The president, who announced last year that he would buy one bitcoin every day, also wants to run in the next election in early 2024.
The International Monetary Fund believes that granting legal status to the cryptocurrency Bitcoin poses “major risks” to El Salvador, particularly to its financial stability.
This is despite the fact that Bitcoin bonds in El Salvador are booming as the value of Bitcoin rises.
Attracting foreign funds, above all, Bitcoin (BTC). This appears to be the strategy adopted by Nayib Bukele, President of El Salvador.
He actually revealed a controversial measure: it is now possible to donate Bitcoin to the country and receive citizenship as a reward. What does this mean to you?
Nayib Bukele is increasingly being criticized for his unilateral decisions that have radically changed the way citizens of El Salvador live.
While he cannot normally run for re-election. He was able to obtain approval to extend his successive terms in 2021.
Then in the same year, he called himself “the most wonderful dictator in the world”!
