El Salvador Offers Citizenship to Bitcoin Investors: Report
El Salvador's Congress has approved a new migration law granting expedited citizenship to foreigners who make Bitcoin "donations" towards government development programs, according to a recent report. The law is expected to come into effect in the coming days.
Bitcoin Investors to Receive Expedited Citizenship
El Salvador's Congress has reportedly approved a migration law granting expedited citizenship to foreigners who make Bitcoin "donations" toward government social and economic development programs. The law was passed on Dec. 21 with support from President Nayib Bukele's New Ideas party.
President Bukele has been leading El Salvador's Bitcoin revolution since making it legal tender in September 2021. The recent law granting citizenship aims to further support Bitcoin-related projects being developed by foreign Bitcoiners.
No Minimum Donation Requirement
The new law does not specify a minimum donation requirement for Bitcoin investors. It aims to attract altruistic foreigners who are interested in supporting the economic, social, and cultural development of El Salvador through Bitcoin donations.
This measure comes in addition to the recently launched Bitcoin "Freedom Visa" which offers residency to foreigners willing to invest $1 million in Bitcoin or Tether into the country.
El Salvador's National Bitcoin Office involved
While the official announcement of the new law is yet to be made by the El Salvadoran government, the news has been shared by the country's National Bitcoin Office (ONBTC) on social media. The ONBTC oversees all Bitcoin and cryptocurrency projects in the country.
Cointelegraph has reached out to the National Bitcoin Office for comment but has not received an immediate response.
