El Salvador offers citizenship to Bitcoin “donors

Nayib BukeleNayib Bukele

President of El Salvador, Nayib Bukele – Credit: Wikimedia Commons – AndreX

Small state Central America pro-Bitcointhe Salvador has just adopted a new law aimed at accelerate the citizenship process for foreign who support the country with donations at BTC.

According to Reutersthe Legislative Assembly of Salvador passed a new immigration law earlier this week that will speed up the process of obtaining the Salvadoran citizenship by donating bitcoins to government social and economic development programs.

Read:  Bitstamp and Flowdesk 1st step for EURCV stablecoin

Passed with the support of President Nayib Bukele’s ‘New Ideas’ party, the law is expected to come into force in the next few days. It aims to support the country’s economic, social and cultural development through Bitcoin.

We have been unable to confirm your registration.

You will receive an e-mail to confirm your registration (If you don’t receive an e-mail, check your spam folder).

The amount of donations required to benefit from the accelerated process is not mentioned in the law. Those eligible for Salvadoran nationality “will ignore the normal naturalization process requirement of 5 years of permanent residence”, reads the legal text.

Read:  QANplatform raises $15M for its quantum resistance blockchain

Earlier this month, stablecoin issuer Tether unveiled, in partnership with the Salvadoran government, a new visa program called ” Adopting El Salvador Freedom Visa Program “. The latter is offered to bitcoiners who invest at least $1 million in the country.

El Salvador has been giving legal tender to the queen of cryptocurrencies for over 2 years now. Its president, who announced last year that he would buy 1 BTC a day, is seeking re-election in early 2024.

For the IMF, Bitcoin’s status as a legal tender presents “significant risks” for El Salvador, and in particular for its financial stability.

For the latest Crypto and Web3 news, visit Coins.fr on TwitterLinkedin, Google, Facebook and Telegram

The Best Online Bookmakers February 28 2024

BetMGM Casino