El Salvador Grants Expedited Nationality for Bitcoin Donations
El Salvador Grants Expedited Nationality for Bitcoin Donations
El Salvador’s Congress officially approved a migration law that expedites citizenship for foreigners by accepting Bitcoin donations towards the country’s social and economic development.
During a late Wednesday vote, the unicameral legislature passed the reform with support from President Nayib Bukele’s Ideas party. The law is expected to take effect in the upcoming days.
Bukele, who led El Salvador’s Bitcoin revolution in September 2021, is aiming for another term in the Central American nation’s election on February 4.
The reform emphasizes the importance of the president’s projects highlighting the inclusion of “generous foreigners who want to back El Salvador’s economic, cultural and social growth by donating Bitcoin.
The law states that there is no minimum requirement for the donation. The reform also mentioned that those who qualify for the law would skip the normal requirement of the citizenship process.
Although El Salvadoran officials have not released an official statement on the upcoming law, the National Bitcoin Office (ONBTC) has dubbed it as the world’s first citizenship through a Bitcoin contribution campaign.
The update follows El Salvador’s introduction of the Bitcoin “Freedom Visa” around two weeks ago, a move to entice foreigners who are willing to invest $1 million in BTC or Tether (USDT) in the country.
The country’s long-awaited Bitcoin bonds, nicknamed “Volcano Bonds,” have recently gained regulatory approval and are set to launch in the first quarter of 2024.
The approval for the bond was approved by the country’s Digital Assets Commissions, according to the ONBTC of El Salvador on December 11.
According to Bukele, the primary goal of Volcano Bond is to manage El Salvador’s national debt responsibilities and support the country's ‘Bitcoin City’ project.
Even though the implementation and growth of Bitcoin in El Salvador take a slow pace, Bukele’s move to introduce Bitcoin in the country offered significant trading capabilities for the country.
