El Salvador’s Congress has recently passed a groundbreaking law that allows foreign citizens to acquire citizenship by investing in Bitcoin. The legislation, approved by the Salvadoran unicameral legislature, presents new opportunities for foreign investors interested in participating in the country’s social and economic development programs.
Expediting Citizenship through Bitcoin “Donations”
The newly passed law aims to attract foreign investment and strengthen El Salvador’s economy. It offers expedited citizenship to investors who make Bitcoin “donations” towards the nation’s development initiatives. This innovative approach eliminates the requirement of a minimum donation, making it accessible to a diverse range of investors. Additionally, non-Spanish-speaking investors no longer need to fulfill the usual five-year residency requirement. Instead, those who invest in Bitcoin can obtain citizenship more rapidly, aligning with El Salvador’s trailblazing adoption of Bitcoin as legal tender in 2021.
“The significance of President Bukele’s development initiatives cannot be overstated. This law recognizes the valuable contributions of altruistic foreigners who are interested in supporting the economic, social, and cultural growth of El Salvador through their Bitcoin donations,”
Unnamed Salvadoran government official
Bitcoin Strategy Pays Off for El Salvador
In a previous update, President Bukele announced that the nation’s Bitcoin strategy has proven to be successful. El Salvador realized a profit of $3.6 million as Bitcoin’s price exceeded the nation’s average purchase price. This achievement marks a significant turnaround from earlier reported paper losses.
“Our BTC investments are in the black!”
President Nayib Bukele
President Bukele emphasizes that despite the current profits, El Salvador has no intentions of liquidating its Bitcoin holdings. This long-term approach aligns with the country’s vision of leveraging cryptocurrency for economic growth and independence.
By adopting Bitcoin as legal tender, El Salvador aims to reduce its reliance on traditional currencies like the U.S. dollar. President Bukele envisions a future where not only El Salvador but also other South American nations can mitigate their vulnerability to inflation by integrating Bitcoin into their economies.
