El Salvador Welcomes Bitcoin Donations for Development Programs
The government of El Salvador has opened its doors to foreigners who wish to make Bitcoin donations to support government development programs. A recent legislative vote passed on December 20th will soon go into effect, allowing for this initiative.
Foreigners Can Obtain El Salvador Citizenship Through Bitcoin Donations
The new law does not specify a minimum Bitcoin donation amount for expedited citizenship access. Currently, the price of Bitcoin is $42,861.
However, El Salvador’s positive stance towards Bitcoin has already attracted an influx of foreign residents to the country, particularly in beach communities.
El Salvador’s Ongoing Bitcoin Efforts
In addition to accepting Bitcoin donations, El Salvador is also making progress in issuing volcano Bitcoin bonds. Regulatory approval has been granted for this investment vehicle, paving the way for bond issuance.
The National Bitcoin Office (ONBTC) of El Salvador announced that the Volcano Bond has received regulatory approval from the Digital Assets Commission (CNAD).
The adoption of Bitcoin in El Salvador aims to address poverty and provide financial services to the unbanked population, as around 70% of citizens lack access to a bank account.
Hot Take: Embracing Bitcoin for Development and Financial Inclusion
El Salvador’s decision to welcome Bitcoin donations and adopt the cryptocurrency as a means of financial inclusion showcases its commitment to development and innovation. By leveraging the benefits of Bitcoin, El Salvador is attracting foreign residents and creating opportunities for economic growth. With ongoing efforts such as issuing volcano Bitcoin bonds, the country is positioning itself as a pioneer in embracing digital currencies for societal progress.
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