- The El Salvadoran Congress approved a new ground-breaking citizenship law.
- Crypto enthusiasts around the globe can make a BTC contribution for eligibility.
- Bitcoin, the top digital asset, skyrocketed to a new yearly high of $44,200 yesterday.
El Salvador, the pioneering country that adopted Bitcoin (BTC) as legal tender, has made huge strides toward making the leading digital currency a centerpiece of its national vision. Yesterday, the small Latin American nation saw a breakthrough in Bitcoin-powered citizenship as El Salvador’s Congress officially approved a new migration law.
Initiated by the Bitcoin-loving President Nayib Bukele’s New Ideas Party, the legislation grants El Salvadoran citizenship to foreigners who donate BTC to one of the government’s economic and social development programs.
The game-changing law comes amid the Freedom Visa program, a similar initiative by El Salvador to open the gates for crypto enthusiasts all around the globe to join the upcoming cryptocurrency hub. Nayib Bukele decided to wipe out all taxes for tech-related businesses earlier this year to provide a favorable environment for IT startups.
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The new rule includes a simplified process of getting a permanent residence or citizenship, as the crypto donors won’t be obligated to undergo the five-year naturalization process. Foreign investors can also pay a $1 million fee to obtain citizenship via the Freedom Visa program.
El Salvador’s Bitcoin Stash Is Back in Black
The warm invitation from Bukele’s government coincides with Bitcoin’s ETF-infused rally to $44,200. The end-year rally puts Bitcoin (BTC) among the best-performing digital assets this year, with a 158.9% gain in the last 365 days.
However, before the profits came in, mass media giants often lambasted El Salvador’s Bitcoin strategy. But Bukele continued playing the waiting game. Despite trading heavily in the red for 2021 and 2022, Bukele’s BTC investment now brings home a $3.25 million net profit.
On The Flipside
- The new legislation doesn’t specify a minimum threshold for these Bitcoin donations, despite implementing the new rule starting next week.
Why This Matters
El Salvador is a pioneering country in Bitcoin adoption, utilizing blockchain technology to solve social, economic, and infrastructural challenges.
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