Bitcoin

El Salvador Bitcoin Law Now Passed To Promote Foreign Investors

Key Points:

El Salvador’s Congress swiftly approves a law granting expedited citizenship to foreign bitcoin donors, bypassing usual residency requirements.
President Nayib Bukele’s party supports the El Salvador Bitcoin Law, showcasing the leader’s continued push for crypto initiatives following the country’s adoption of bitcoin as legal tender.

According to Reuters, El Salvador’s Congress has greenlit a migration law that fast-tracks citizenship for foreign individuals contributing bitcoin “donations” to the nation’s social and economic development initiatives.

El Salvador Bitcoin Law To Back Citizenship Acceleration

The surprising approval occurred during a late-night vote on December 21, garnering support from President Nayib Bukele’s New Ideas party, which holds sway in the unicameral legislature. Anticipated to take effect imminently, the El Salvador Bitcoin law sidesteps the standard five-year naturalization process for non-Spanish-speaking foreigners, positioning it as a significant policy shift.

The legislation emphasizes the inclusion of “altruistic foreigners” eager to support El Salvador’s economic, social, and cultural progress through bitcoin contributions. Strikingly, no minimum donation requirement is stipulated.

Those meeting the criteria can bypass the conventional residency prerequisites, typically demanding five years for non-Spanish speakers or two for individuals married to Salvadorans.

Fast-Tracking Citizenship for Cryptocurrency Contributors

Nayib Bukele, a key proponent of El Salvador‘s Bitcoin adoption, temporarily relinquished leadership duties to focus on campaigning for the upcoming presidential election on February 4, 2024. Bukele made headlines in September 2021 by making bitcoin legal tender in the country, marking a pivotal moment in the nation’s embrace of cryptocurrency.

While an official government announcement on the El Salvador Bitcoin law is pending, the National Bitcoin Office (ONBTC) has indirectly confirmed the news through reposting related updates on social media.

The ONBTC, tasked with overseeing all Bitcoin and cryptocurrency projects nationwide, reaffirms El Salvador’s commitment to its pioneering role as the first country to adopt bitcoin as a national currency in 2021, despite gradual implementation and limited use.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.