El Salvador’s Congress has purportedly endorsed a migration law that facilitates fast-tracked citizenship for foreign individuals contributing Bitcoin (BTC) “donations” towards the nation’s social and economic development initiatives. The legislative reform, backed by Nayib Bukele’s New Ideas party, was passed on December 21, and it is anticipated to take effect in the near future.
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Bukele temporarily relinquished his position as the country’s leader to focus on campaigning for the upcoming presidential election scheduled for February 4, 2024. He gained prominence for championing El Salvador’s Bitcoin revolution by establishing the cryptocurrency as a legal tender in September 2021.
While the official announcement of the new law is pending from the Salvadoran government, the National Bitcoin Office (ONBTC) has shared the news through various posts on X (formerly Twitter). The ONBTC, a specialized administrative unit overseeing all Bitcoin and cryptocurrency initiatives nationwide, has yet to respond.
According to Reuters, the bill, deemed a “vital interest” by Bukele, is designed to attract altruistic foreigners keen on supporting El Salvador’s economic, social, and cultural progress through Bitcoin donations. Notably, the law does not specify a minimum donation requirement.
This development follows El Salvador’s recent introduction of a “Bitcoin Freedom Visa,” initiated approximately two weeks ago. The visa offers foreign investors the opportunity to obtain residency by investing $1 million in either Bitcoin (BTC) or Tether (USDT) in the Central American nation.