El Salvador's Congress has passed a significant migration law, granting expedited citizenship to foreigners who contribute Bitcoin (BTC) to the country's social and economic development programs. This landmark reform, supported by President Nayib Bukele's New Ideas party, was passed on December 21 and is expected to come into force shortly.
President Bukele, who led the initiative to make Bitcoin legal tender in September 2021, stepped down temporarily to campaign for the upcoming presidential election. The new law aligns with his vision of bolstering Bitcoin-related projects and attracting foreign investment in the cryptocurrency.
While the El Salvadoran government hasn't officially announced the law, it has been widely shared by the National Bitcoin Office (ONBTC), a special unit managing Bitcoin and cryptocurrency projects in El Salvador. According to Reuters, the bill is seen as a "vital interest" of Bukele's administration, aimed at foreigners interested in supporting El Salvador's development by donating Bitcoin. Notably, the law does not specify a minimum donation requirement.
This development follows the recent launch of El Salvador's Bitcoin "Freedom Visa," designed for foreigners willing to invest $1 million in BTC or Tether (USDT) in the country, further reinforcing El Salvador's commitment to becoming a hub for cryptocurrency investment.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.