Bitcoin News: El Salvador Approves Law Granting Citizenship to BTC Donors
The Congress of El Salvador has recently passed a law that offers accelerated citizenship to foreigners who make donations in Bitcoin (BTC). The exact minimum amount for the donation has not been specified, but the funds will be used for government programs related to social and economic development. This reform was approved on December 21 with the support of Nayib Bukele’s party, Nuove Idee. The new immigration law is expected to come into effect soon.
This move comes shortly after the launch of the Freedom Visa Program in El Salvador, which allows individuals to obtain citizenship by depositing $999 in BTC or USDT and going through the KYC process. The program aims to attract visionaries who can contribute to the country’s socio-economic landscape.
Bitcoin Bonds and the Development of Bitcoin City
In addition to these initiatives, El Salvador plans to issue Bitcoin Bonds in the first quarter of 2024. These digital financial instruments will raise funds for the construction and development of “Bitcoin City.” Bitfinex Securities, in collaboration with Blockstream technology, will be responsible for issuing these bonds. The initial offering is estimated to be around $1 billion.
Hot Take: El Salvador Embraces Bitcoin for Citizenship and Development
El Salvador’s recent moves to grant citizenship to BTC donors and issue Bitcoin Bonds demonstrate its commitment to embracing cryptocurrencies for both social and economic development. By allowing foreign investors and individuals to contribute through Bitcoin donations, the country aims to attract innovative minds who can drive positive change. Additionally, by utilizing blockchain technology for issuing bonds, El Salvador is paving the way for a new financial system that leverages digital assets. These progressive steps position El Salvador as a leader in cryptocurrency adoption and showcase its forward-thinking approach to governance and economic growth.
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