El Salvador Mulls Citizenship Reward to Foreign Bitcoin Investors

In a surprising move on Thursday, December 21, El Salvador’s Congress has given the green light to a migration law that facilitates expedited citizenship for foreigners making “donations” in Bitcoin towards government social and economic development initiatives.
El Salvador New Reforms for Bitcoin Investors
The unicameral legislature, in an unexpected vote on Wednesday night, approved the reform, receiving backing from President Nayib Bukele’s New Ideas party, which holds control over Congress. The newly passed law is anticipated to be enacted in the coming days. This development adds another layer to El Salvador’s unique integration of cryptocurrency into its legislative framework.
President Nayib Bukele is vying for re-election in the upcoming election scheduled for Feb. 4 in the Central American nation. The reform under consideration emphasizes the “vital interest” of the president’s development initiatives, with a focus on encouraging “altruistic foreigners interested in supporting the economic, social, and cultural development of El Salvador… by donating Bitcoin,” reports Reuters.
It’s noteworthy that the law does not specify a minimum requirement for the Bitcoin “donation.” As of Thursday, the trading value of Bitcoin stood at $43,741. Earlier this month, El Salvador also kickstarted its citizenship initiative, under the guise of its Freedom Visa Program.
The recently approved migration reform includes provisions allowing individuals to bypass the standard naturalization process. Typically, this process mandates five years of permanent residence for individuals from non-Spanish-speaking countries, or two years if the individual is married to a Salvadoran citizen.
El Salvador adopted Bitcoin as a national currency in 2021, yet the implementation has been gradual, with limited utilization. Notably, certain foreign proponents of Bitcoin like Max Keiser have chosen to relocate to El Salvador, particularly in beach communities.
The Country’s Own Bitcoin ETF
Max Keiser has indicated that El Salvador is exploring the possibility of introducing a Bitcoin ETF in the country. Unlike current ETF applications that primarily involve fiat versions, this proposed ETF would enable both Bitcoin deposits and withdrawals, providing a more comprehensive crypto investment avenue.
Like the Sprott physical Gold ETF, #ElSalvador’s #Bitcoin ETF will give investors a #BTC exit with actual BTC.
This will put the 13 BTC ETF’s to be listed in the US to shame. pic.twitter.com/xEsKBqaCdB
— Max Keiser (@maxkeiser) December 21, 2023
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism