El Salvador is moving into high gear with Bitcoin. Indeed, the Salvadoran Congress, controlled by Nayib Bukele’s New Thought party, passed a migration law directly granting citizenship ” altruistic foreigners » they want to support the country’s development through bitcoin donations.
El Salvador automatically naturalizes Bitcoin donors
At the beginning of December, they presented El Salvador and Tether “El Salvador Freedom Visa Adoption” Program.an initiative that will enable Naiyb Bukele country to better penetrate the field of high technology.
Company issuing stablecoin USDT plans to cash out 1 billion dollars for this purpose.
” According to Reuters, El Salvador approved it immigration law who would grant citizenship to foreigners who donate bitcoins to government social and economic development projects. The law is expected to come into effect in the coming days. »
Reuters reported that Salvadoran lawmakers voted on an unprecedented migration bill on December 20. The law, which will take effect in a few days, makes it easier for El Salvador to grant citizenship status to anyone willing to contribute to the country’s social and economic development programs.
So, ” altruistic foreigners who want to support the economic, social and cultural development of El Salvador (…) by donating bitcoins » they will be able to obtain Salvadoran citizenship without any difficulties.
These last ones it will not have to meet any normal process requirements naturalization, which requires in particular:
- 5 years of permanent residence in the country for anyone from a non-Spanish speaking country;
- 2 years of permanent residence for individuals married to a Salvadoran;
Another crucial point of this bitcoin-friendly law: it doesn’t exist no minimum requirement regarding “donating” in BTC.
Bitcoin Legalization, Adoption, Bukele Reelection…
Since accepting Bitcoin as legal tender on September 7, 2021, El Salvador has completely changed its face. First, let’s not forget that the country is the first to legalize a flagship cryptocurrency. A bold initiative by an economy strongly correlated with the dollar.
But this did not push the young president, who resigned when he presented himself as a candidate for his own succession, forward. Despite Bitcoin’s ups and downs, Nayib Bukele maintained his course with Bitcoin.
His successive purchases of Bitcoin on behalf of El Salvador earned him criticism from all sides at some point. Now that the cryptocurrency queen is on the rise again, the country has considerable profits. Except the country’s strongman still isn’t about to sell out: he’s a true HODL fan.
We will also note how the IMF views these risky investments with Bitcoin. At the moment, this financial institution is very reserved about the new financing program presented by the government. While money has been lacking in the country lately.
And to drive the point home, Salvadorans are struggling to agree with President Bukele’s ambitions: Bitcoin adoption rates remain very low in El Salvador.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.