El Salvador approves law offering citizenship to Bitcoin investors
El Salvador passes law for quick citizenship via bitcoin donations.
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Today, El Salvador’s Congress passed a law that will allow foreign Bitcoin investors to gain expedited citizenship. The law, backed by President Nayib Bukele’s New Ideas party, is set to be enacted shortly according to Reuters.
The law does not mention a minimum Bitcoin contribution.
The reform will allow eligible investors to bypass the standard naturalization requirement of five years of permanent residence for non-Spanish speakers, or two years for those married to a Salvadoran citizen.
The IMF has expressed concerns about the risks of Bitcoin as a legal tender in El Salvador. Meanwhile, Bukele’s bid for re-election has sparked controversy, as it appears to go against the constitutional prohibition of consecutive terms.
This month, El Salvador’s volcano Bitcoin bonds received the green light from the Digital Assets Commission (CNAD). The raised funds will be used to fund the “Bitcoin City, ” Bukele’s plan to attract crypto businesses and investors by offering benefits like tax breaks in a Bitcoin-based economy.