El Salvador Introduces Bitcoin Citizenship Law
The government of El Salvador has passed a law that allows foreign investors to obtain Salvadoran citizenship through Bitcoin donations to social and economic programs in the country. This law, approved with the majority support of Bukele’s Nuevas Ideas party in Congress, provides an alternative pathway to citizenship for foreigners without the usual residency requirements. Previously, immigrants had to reside in El Salvador for five years to become citizens. Additionally, the country introduced a program called “Adopting El Salvador,” which accelerates the citizenship process for foreign Bitcoin millionaires who invest $1 million USDT, but only 1,000 applicants can benefit from this program annually.
Argentina Permits Crypto-Denominated Contracts
In Argentina, the government has allowed contracts to be settled in Bitcoin or other cryptocurrencies based on agreements between parties. This decision comes as a result of a recent deregulation executive order signed by President Javier Milei. The Minister of Foreign Affairs, International Trade, and Worship, Diana Mondino, confirmed that contracts in Argentina can be agreed upon and settled using Bitcoin, as well as other forms of cryptocurrency or assets like meat or milk. This move shows the country’s willingness to embrace alternative forms of payment and contract settlement.
President Milei Deregulates Argentina with Mega Executive Order
Argentina’s President Javier Milei has issued a comprehensive executive order titled “Decree of Necessity and Urgency – Bases for the Reconstruction of the Argentine Economy.” The order modifies numerous laws and aims to deregulate and revitalize the country’s economy. It includes changes to rental, pricing, and labor regulations, as well as the privatization of state-owned companies. President Milei justifies these actions by asserting that they promote market competition and eliminate undue privileges. However, the order is already facing criticism for its size and scope, with experts arguing that it may be unconstitutional and face opposition in Congress.
Hot Take: Latin America Advances in Crypto Adoption and Economic Reforms
In recent developments across Latin America, El Salvador has taken a significant step towards integrating Bitcoin into its society by allowing foreigners to become citizens through Bitcoin donations. This move not only showcases El Salvador’s adoption of digital currencies but also brings potential economic and social benefits to the country. Meanwhile, Argentina is embracing cryptocurrency by allowing contracts to be settled in Bitcoin and other digital assets, signaling a growing acceptance of these alternative forms of payment and investment. Additionally, President Javier Milei’s executive order to deregulate Argentina’s economy highlights the country’s pursuit of economic freedom and competitiveness. These advancements bode well for the future of crypto and economic development in the region.
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