Monday, March 4, 2024

Legislation Passed in El Salvador for Fast-Tracked Citizenship via Bitcoin ‘Donations.

According to reports, El Salvador’s Congress has passed a new immigration law that will speed up citizenship for foreigners who “donate” Bitcoin (BTC) to government social and economic development initiatives. According to a Reuters article, the country’s legislature approved the measure on December 21 with backing from President Nayib Bukele’s New Ideas party. It is anticipated that the law will take effect soon.

Bukele led El Salvador’s Bitcoin revolution by establishing bitcoin as legal tender in September 2021. He resigned from office temporarily to run for president on February 4, 2024.

The National Bitcoin Office (ONBTC) of El Salvador has announced the new law, referring to it as the “world’s first citizenship by Bitcoin donation program,” although the government of El Salvador has not yet made an official statement on the matter. The ONBTC, a unique administrative organization, is in charge of all cryptocurrency and Bitcoin initiatives across the country.

“Altruistic foreigners interested in supporting the economic, social, and cultural development of El Salvador… by donating bitcoin” could be eligible for expedited citizenship, according to the bill.

This event occurs approximately two weeks after El Salvador introduced the “Freedom Visa” for Bitcoin, which is available to foreign investors willing to invest $1 million in BTC or USDT in the Central American nation. The nation’s eagerly awaited Bitcoin bonds, popularly referred to as “Volcano Bonds,” are expected to debut in the first quarter of 2024 and have recently obtained regulatory permission.

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Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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