El Salvador Congress approves granting citizenship in exchange for BTC investments
The approval of a new law by the Congress of El Salvador has paved the way for expedited citizenship for individuals who donate Bitcoin (BTC), according to reports. The country’s Congress, supported by President Nayib Bukele’s New Ideas party, has passed a migration law that grants fast-tracked citizenship to foreigners who contribute to government social and economic programs through Bitcoin donations. The unexpected decision, made during a late-night vote by the unicameral legislature on December 21, is set to take effect in the coming days. The law does not impose any minimum donation requirements. Instead, it states that those who qualify will bypass the usual naturalization process, which typically requires five years of continuous residence for individuals from non-Hispanic countries or two years for those with a Salvadoran spouse.
In addition, it was previously reported that individuals can obtain the El Salvador Freedom Visa by investing $1 million in BTC or USDT for the country’s development. The main objective of this initiative is to benefit El Salvador’s economy, culture, and people. It aims to create an environment where individuals can independently contribute to the formation of a new economy for the country and a brighter future for the first cryptocurrency.
El Salvador officially adopted Bitcoin as its national currency in 2021. However, its adoption has been slow and its usage limited. To address this, El Salvadoran authorities have been purchasing 1 BTC per day since November 2022 to bolster the country’s treasury.
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