- Legislative Promotion: El Salvador’s new law simplifies citizenship for Bitcoin donors, marking a new approach to leveraging cryptocurrency investments for the country’s development.
- Global Attractions: The country’s recent Bitcoin-friendly initiatives, such as the “Freedom Visa”, reflect the country’s concerted efforts to attract foreign investors willing to participate in the cryptocurrency revolution and development projects.
El Salvador’s legislature recently passed an immigration law granting accelerated citizenship to individuals who contribute Bitcoin to the country’s social and economic development plans. The approval of the reform, reportedly approved by Nayib Bukele’s New Ideas party on December 21, aims to promote citizenship for Bitcoin donors. The law is expected to be enacted soon but follows the country’s progressive move to embrace cryptocurrencies.
Citizenship through Bitcoin “Donations”
Although not officially announced by the Salvadoran government, the bill has been disseminated through various social media platforms, including posts by X (formerly Twitter). El Salvador National Bitcoin Office (ONBTC). This office serves as a dedicated administrative unit overseeing all Bitcoin and cryptocurrency-related projects across the country. While seeking formal comment from ONBTC regarding the law, no immediate response was received.
ALSO READ: El Salvador’s ‘Volcano Bond’: One step closer to world’s first Bitcoin-backed security
The report identified the bill as an important initiative to support El Salvador’s development. It highlights the contributions of altruistic foreigners who want to help the country’s economic, social and cultural growth through Bitcoin donations. Interestingly, the law does not specify a minimum contribution requirement for potential citizenship applicants.
Bitcoin-Friendly Initiatives in El Salvador
This development comes shortly after El Salvador introduced the “Bitcoin Freedom Visa,” which gives foreigners the opportunity to gain residency by investing $1 million in domestic BTC or Tether (USDT). These proactive steps are consistent with El Salvador’s broader vision to become a global hub for cryptocurrency investment and innovation.