El Salvador to Expedite Citizenship for Bitcoin Donors
Date: 2023-12-24 Author: Dima Zakharov Categories: IN WORLD
In a groundbreaking move, the Congress of El Salvador has enacted a migration law aimed at accelerating the process of obtaining citizenship for foreign nationals who contribute to government initiatives using Bitcoin. The historic vote took place on December 20, with the single-chamber legislative body of El Salvador endorsing the reform with the support of the ruling party, "Nuevas Ideas," led by President Nayib Bukele.
The law is set to come into effect in the coming days, and President Bukele, who is seeking re-election in February, emphasizes the focus of his projects on addressing "vital interests."
The reform grants these individuals an exemption from the standard naturalization requirement of residing in the country for five years, reducing it to two years on the condition of being married to a citizen of the country.
Despite conferring national currency status to Bitcoin in 2021, its acceptance in El Salvador has been gradual. During this time, some cryptocurrency enthusiasts have already relocated to the country.
Presently, El Salvador is in talks with the International Monetary Fund (IMF) for a new financing program to address economic challenges. However, the IMF expresses concerns about the country's sluggish economic growth and risks associated with the adoption of Bitcoin.
El Salvador's decision to offer expedited citizenship in exchange for Bitcoin donations positions BTC as a tool to promote social and economic development in the country.
