With bitcoin, El Salvador is moving into high gear. Indeed, the Salvadoran Congress, controlled by Nayib Bukele’s New Ideas party, approved a migration law directly granting citizenship to ” altruistic strangers » wanting to support the development of the country through bitcoin donations.
El Salvador automatically naturalizes bitcoin donors
In early December, El Salvador and Tether presented the “Adopting El Salvador Freedom Visa” programan initiative that will allow the country of Naiyb Bukele to better break into the field of cutting-edge technology.
The company issuing the stablecoin USDT plans to pay out 1 billion dollars for this purpose.
“ According to Reuters, El Salvador approved an immigration law who would grant citizenship to foreigners who donate bitcoins to the government’s social and economic development projects. The law is expected to come into force in the coming days. »
Authors reported that Salvadoran deputies voted on an unprecedented migration law on December 20. This law, which will come into force in a few days, makes it easier for El Salvador to grant citizenship status to anyone who wants to contribute to the country’s social and economic development programs.
So, ” altruistic foreigners eager to support the economic, social and cultural development of El Salvador […] by making bitcoin donations » will be able to obtain Salvadoran citizenship without any difficulty.
These latter will not have to satisfy any normal requirements of the process naturalization, which requires in particular:
- 5 years of permanent residence in the country for anyone from a non-Spanish-speaking country;
- 2 years of permanent residence for an individual married to a Salvadoran;
- Etc.
Another crucial point of this bitcoin-friendly law: there is no no minimum requirement regarding the “donation” in BTC.
Legalization of bitcoin, adoption, re-election of Bukele…
Since the adoption of bitcoin as legal tender on September 7, 2021, El Salvador has completely changed its face. First, let’s not forget that the country is the first to legalize the flagship cryptocurrency. A daring initiative on the part of an economy strongly correlated to the dollar.
But this did not push the young president who had resigned, as he was presenting himself as a candidate for his own succession, to move forward. Despite the ups and downs of bitcoin, Nayib Bukele maintained his course with bitcoin.
His successive purchases of bitcoins on behalf of El Salvador earned him criticism from all sides at a certain point. Now that the queen of cryptocurrencies is climbing again, the country has significant profits. Except that the country’s strong man is still not getting ready to sell: he is a real fan of HODL.
Also, we will note the IMF’s perception of these risky investments with bitcoin. At the moment, this financial institution is very reluctant about the new financing program presented by the government in place. While money has been lacking in the country lately.
And to drive the point home, Salvadorans are struggling to agree with President Bukele’s ambitions: the adoption rate of bitcoin remains very low in El Salvador.
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