El Salvador's Congress has reportedly approved a new migration law that will grant expedited citizenship to foreigners who make Bitcoin (BTC) "donations."
El Salvador's Congress has reportedly approved a new migration law that will grant expedited citizenship to foreigners who make Bitcoin (BTC) "donations" towards government social and economic development programs. The reform was passed by the country's legislature on December 21 with support from President Nayib Bukele's New Ideas party, according to a Reuters report. The law is expected to come into effect in the coming days.
Bukele, who temporarily stepped down as president to campaign for the upcoming presidential election on February 4, 2024, spearheaded El Salvador's Bitcoin revolution when he made the cryptocurrency legal tender in September 2021.
While the El Salvadoran government has not made an official announcement on the new law, its National Bitcoin Office (ONBTC) has announced the new law, calling it the “world's first citizenship by Bitcoin donation program.” The ONBTC is a special administrative unit that manages all Bitcoin and cryptocurrency projects throughout the country.
According to the bill, "Altruistic foreigners interested in supporting the economic, social, and cultural development of El Salvador ... by donating bitcoin" may be eligible for expedited citizenship.
The development comes about two weeks after El Salvador launched a Bitcoin "Freedom Visa" for foreigners willing to invest $1 million in BTC or Tether (USDT) into the Central American country. The country’s highly anticipated Bitcoin bonds, also known as "Volcano Bonds," have also recently received regulatory approval and are scheduled to launch in the first quarter of 2024.
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