Key Takeaways
- El Salvador's Legislative Assembly approves a migration law offering expedited citizenship to foreign Bitcoin investors;
- The law is expected to be officially enacted in the coming days and has garnered support from Nayib Bukele's New Ideas party;
- The law holds significant implications for Bitcoin enthusiasts, as it allows altruistic foreign individuals to support the country's development through BTC donations without specifying a minimum contribution.
Foreign individuals who make Bitcoin donations towards El Salvador's social and economic development initiatives can now get expedited citizenship based on the new Legislative Assembly's migration law.
This move comes as a further testament to El Salvador's commitment to embracing cryptocurrencies and fostering innovation.
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The law, which garnered support from Nayib Bukele's New Ideas party, was successfully passed on December 21, marking a pivotal moment in the nation's crypto journey. It is anticipated that the law will be officially enacted in the coming days.
Bukele, who played a pivotal role in making Bitcoin legal tender in El Salvador back in September 2021, has temporarily stepped down as the country's leader to focus on campaigning for the upcoming presidential election slated for February 4, 2024.
While the El Salvadoran government has yet to issue an official statement regarding the new law, the National Bitcoin Office (ONBTC) has amplified the news through its social media channels, reposting tweets from Bitcoin Archive and The Spectator Index about this groundbreaking event.
The ONBTC, a specialized administrative unit responsible for overseeing all Bitcoin and cryptocurrency-related projects within the country, appears to endorse this landmark legislation.
This legislative milestone closely follows El Salvador's recent launch of the Bitcoin "Freedom Visa". The latter is an initiative designed to attract foreign investors willing to allocate $1 million in BTC or USDT to El Salvador.
These developments collectively underscore El Salvador's commitment to fostering a thriving cryptocurrency ecosystem and attracting international interest and investment.
