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.
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.
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.
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.
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