El Salvador has reportedly made history by passing a law granting citizenship to foreign investors who own Bitcoin (BTC).
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El Salvador attracts Bitcoin investors
According to a Reuters report, El Salvador’s Congress has passed a migration law that would grant citizenship to foreign investors who own a significant amount of Bitcoin. Foreigners must donate the Bitcoin to qualify for accelerated citizenship. This is intended to support the government’s social and economic development programs. However, there will be no minimum donation amount, reports Reuters.
The law states that foreign investors who own at least three Bitcoins are entitled to accelerated naturalization in El Salvador. The idea behind this law is to encourage foreign investors to contribute to the country’s economic and social development through Bitcoin investments.
El Salvador’s Congress passed the law as part of a broader effort, according to reports from Reuters. The country must become more attractive for foreign investors. The law came into force on December 21, 2023. It provides a new framework for granting citizenship based on digital assets.
Bitcoin is pioneering in South America
The law is unique in today’s financial world. The law positions El Salvador as a pioneer in integrating digital assets to develop the country. It’s a remarkable move that blurs the lines between traditional finance and the emerging world of cryptocurrencies.
The government of El Salvador has not yet officially announced the new law, but the National Bitcoin Office (ONBTC) has published several posts on X (formerly Twitter). reposted in which the news is reported. The ONBTC is a special administrative unit that manages all Bitcoin and cryptocurrency projects nationwide.
“Altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador through the donation of Bitcoin,” the law states.
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