The New Citizenship Law in El Salvador: Donate Bitcoin, Get Citizenship
El Salvador, a pioneer in adopting Bitcoin as legal tender, has taken another revolutionary step. The Salvadoran Congress, led by Nayib Bukele’s party, ‘Nuevas Ideas’, recently approved a law that allows individuals to obtain Salvadoran citizenship in exchange for contributions in Bitcoin (BTC) towards the country’s social and economic development programs.
This reform, approved on December 21st, is a significant addition to Bukele’s legislative arsenal in support of Bitcoin. It is expected to come into effect in the coming days. This comes as Bukele, the avid promoter of the country’s Bitcoin revolution since September 2021, has temporarily stepped away from power to focus on his presidential campaign scheduled for February 4th, 2024.
The National Bitcoin Office of El Salvador Confirms the News
The National Bitcoin Office of El Salvador (ONBTC), an administrative unit specialized in managing Bitcoin and cryptocurrency projects in the country, indirectly confirmed this news by sharing posts from X on social media. However, the Salvadoran government has not yet made an official announcement regarding this.
This law is considered of ‘vital interest’ to Bukele, given the increasing number of Bitcoin-related projects developed by foreign investors in the country. According to the law, ‘altruistic foreigners interested in supporting the economic, social, and cultural development of El Salvador… by making a donation in Bitcoin’ can benefit from this offer. It is important to note that the law does not specify a minimum amount for these donations.
This initiative closely follows El Salvador’s launch of the ‘Bitcoin Freedom Visa’ about two weeks ago. This visa allows foreigners willing to invest $1 million in Bitcoin (BTC) or Tether (USDT) to settle in the Central American country.
