The El Salvadoran Congress Approves Law for Fast-Tracked Citizenship Through Bitcoin Donations
The El Salvadoran Congress, supported by President Nayib Bukele’s New Ideas party, has passed a migration law that grants expedited citizenship to foreigners who contribute to government programs through Bitcoin donations. This surprising decision was made in a late-night vote on December 21 and is expected to be enforced soon. The law does not specify any minimum donation requirements. Instead, it allows qualified individuals to bypass the standard naturalization process, which typically involves five years of continuous residence for non-Hispanic individuals or two years for those with a Salvadoran spouse.
El Salvador Freedom Visa
Prior reports indicated that individuals could obtain the El Salvador Freedom Visa by investing $1 million in BTC or USDT for the country’s development. The primary objective of this initiative is to benefit the economy, culture, and people of El Salvador. It aims to create an environment where individuals can contribute independently to shaping a new economy and a brighter future for the first cryptocurrency.
Bitcoin Adoption in El Salvador
In 2021, El Salvador adopted Bitcoin as its national currency. However, its adoption has been slow and its usage limited. Since November 2022, El Salvadoran authorities have been purchasing 1 BTC per day to strengthen the country’s treasury.
Hot Take: El Salvador Paves the Way for Crypto-Driven Citizenship
The recent decision by the El Salvadoran Congress to offer fast-tracked citizenship through Bitcoin donations showcases the nation’s commitment to embracing cryptocurrencies. By incentivizing contributions to government programs and creating opportunities for foreign investors, El Salvador is positioning itself as a pioneer in crypto-driven initiatives. This bold move not only benefits the country’s economy but also promotes greater adoption and acceptance of Bitcoin. As El Salvador continues to explore innovative ways to leverage digital currencies, other nations may follow suit, ultimately reshaping the global financial landscape.
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