SAN SALVADOR, El Salvador, Thursday, December 21 – El Salvador’s Congress has reportedly passed a bill change to the migration law that could expedite citizenship for foreign nationals who contribute donations in Bitcoin to government-led social and economic development initiatives. 1
The measure, backed by President Nayib Bukele’s New Ideas party, received initial approval on December 21. But it requires further steps before becoming official.
If implemented, the law would grant expedited citizenship to eligible individuals, bypassing the standard procedure, which is about five years.
This streamlined process could potentially incentivize foreign Bitcoin enthusiasts to invest in El Salvador’s projects and acquire citizenship faster.
This proposal comes amidst the ongoing uncertainty surrounding El Salvador’s Bitcoin adoption.
Despite making Bitcoin legal tender in 2021, its full integration into the economy remains a gradual process.
While adoption among the general population is still limited, some Bitcoin enthusiasts have relocated to El Salvador, particularly beachfront communities.
Meanwhile, the El Salvadore administration, facing financial challenges and slow economic growth, is actively seeking a new loan agreement with the International Monetary Fund (IMF).
However, the IMF has expressed concerns regarding the potential risks associated with El Salvador’s Bitcoin legal tender policy.
- Reuters: https://www.reuters.com/world/americas/el-salvador-offers-citizenship-foreign-bitcoin-investors-2023-12-21/[↩]
