El Salvador is seemingly embarking on a path of economic transformation. El Salvador’s president Nayib Bukele has announced that the country will offer citizenship to any person who invests in the country.
Bukele is already famous for being a crypto-friendly president. El Salvador recently, in Sep 2021, made BTC legal tender. In the process, El Salvador became the first country in the world to do so.
El Salvador Legislation
He recently took to Twitter to make it known that he was forwarding a set of 52 proposals to the nation’s congress. Among the many reforms proposed include measures to eliminate red tape and bureaucracy, securities laws, stability contracts, etc. But what has attracted the most attention is the proposal to offer tax incentives and offer citizenship to foreign individuals who agree to invest in El Salvador.
He ended his tweet rather dramatically. He said that the nation’s efforts were to create conditions that will keep people away from tyranny, promote freedom and attract investments.
Bukele has been a pioneer in championing the adoption of bitcoin. But the same act has also caused him to become a center of controversy internationally. Senators in the US congress, cutting across party, lines have introduced a legislation to mitigate the risks of BTC.
Bukele opines that the US Senators’ move is rather regressive. He dubbed them the boomers. He also reminded them that the US has no control over El Salvador – an independent, sovereign nation.
The country also plans to launch bitcoin bonds soon. The funds generated from the bonds would be used to build a bitcoin city.
The World bank and the IMF have been warning against the risks of BTC adoption. However, El Salvador reported that it has experienced double digit GDP growth. This is the first time it has happened in the nation’s history.