El Salvador introduces a groundbreaking immigration reform, granting fast-track citizenship to foreigners donating Bitcoin for social and economic development. President Nayib Bukele’s party backs the law, emphasizing the success of El Salvador’s Bitcoin venture. Get insights into this unique approach and its implications.
El Salvador’s legislative move on December 20 brings a distinctive immigration reform, offering swift citizenship to foreign donors contributing Bitcoin to social and economic programs. President Nayib Bukele’s New Ideas party supports the law, highlighting the triumph of El Salvador’s Bitcoin initiative.
Recent reports reveal the country’s Bitcoin holdings surpassing the initial investment by over $3 million amid Bitcoin’s surge beyond $44,000. The reform, effective soon, targets “altruistic foreigners” supporting El Salvador’s development through Bitcoin donations. However, the law omits specifying the required Bitcoin amount for expedited citizenship, leading to anticipation and speculation.
Successful applicants will skip the standard five-year naturalization process for non-Spanish-speaking countries. El Salvador, the pioneer in adopting Bitcoin as legal tender on September 7, 2021, continues to shape global perspectives on cryptocurrency integration.