El Salvador Approves Legislation Granting Citizenship to Bitcoin Investors

The recent law allowing citizenship through Bitcoin contributions follows El Salvador’s introduction of the Bitcoin Freedom Visa aimed at attracting foreigners to relocate to the Central American nation.

El Salvador’s Legislative Assembly has purportedly endorsed a migration statute fast-tracking citizenship for foreign individuals who donate Bitcoin toward governmental initiatives for social and economic progress.

This reform received approval from the country’s legislative body on December 21, supported by Nayib Bukele’s New Ideas party, as per a Reuters report.

The law is anticipated to be enacted in the coming days.

Bukele temporarily relinquished his role as the country’s leader to focus on campaigning for the presidential election scheduled for February 4, 2024. He played a pivotal role in El Salvador’s adoption of Bitcoin as legal tender in September 2021.

According to Reuters, the bill was deemed a  “vital interest” for Bukele, as numerous Bitcoin-based endeavours are presently in progress, led by foreign Bitcoin enthusiasts.

The bill purportedly mentions “altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador […] by donating bitcoin.”

Reuters mentioned that the law doesn’t specify a minimum donation threshold.

This development occurred approximately two weeks after El Salvador introduced the Bitcoin Freedom Visa, offering foreign investors the opportunity to inject $1 million in BTC or Tether into the Central American nation.

We did an article on that here.

Long live El Salvador!