El Salvador Grants Citizenship to Bitcoin Donors Following New Law Approval
Summary:
El Salvador's Congress has approved a law granting citizenship to foreign investors donating Bitcoin to the country's state-managed social and economic growth programs. The law, primarily supported by Nayib Bukele's party, New Ideas, is expected to be enacted soon. Bukele is known for initiating the Bitcoin movement in El Salvador, which included making Bitcoin a legal tender in September 2021. The new law is regarded as a crucial interest of Bukele's, with many foreign Bitcoin enthusiasts developing Bitcoin-related projects.
Legislation has been approved by El Salvador's Congress to grant citizenship to foreign investors who "donate" Bitcoin (BTC) to the country's state-managed social and economic growth initiatives. Nayib Bukele's party, New Ideas, aided the successful progress of the reform through the legislative assembly on December 21, as per a report by Reuters. The enforcement of this law is anticipated in the nearing future. Bukele, previously a leader of the country, stepped down temporarily to canvass for the approaching presidential elections set on February 4, 2024. Bukele initiated the Bitcoin movement in El Salvador by legalizing the cryptocurrency back in September 2021. BREAKING NEWS: El Salvador legislates a law providing citizenship to Bitcoin investors.
El Salvador's administration has yet to issue an official statement about the newly adopted law but has echoed several posts sharing the news from X (previously known as Twitter). Labelled as a "vital interest" of Bukele's by Reuters, numerous Bitcoin-centered projects are underway by overseas Bitcoin enthusiasts. As reported, the bill suggests that "philanthropic foreigners keen on contributing to the economic, social, and cultural progression of El Salvador through Bitcoin donations" are included. No minimum donation threshold has been set, as per recordings by Reuters. Additional information will be provided as this story unfolds.
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Published At
12/22/2023 12:59:31 AM
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