- El Salvador’s Congress approves a law offering expedited citizenship for Bitcoin donations, bolstering economic and social development.
- Max Keiser hints at El Salvador’s plans to launch a distinctive Bitcoin ETF, allowing actual Bitcoin deposits and withdrawals.
El Salvador’s Crypto-Focused Legislative Advances
El Salvador, under President Nayib Bukele’s leadership, continues to strengthen its position as a trailblazer in the cryptocurrency domain, with the latest legislative reforms favoring Bitcoin investors.
Citizenship for Bitcoin Donations
In a landmark decision, El Salvador’s unicameral legislature has approved a migration law that facilitates expedited citizenship for foreigners who make Bitcoin donations to the country’s social and economic development initiatives. This new law, backed by President Nayib Bukele’s New Ideas party, is set to be enacted soon, adding a novel aspect to El Salvador’s ongoing integration of cryptocurrency into its legislative framework.
President Bukele, who is vying for re-election in the upcoming February 2024 election, has emphasized the law’s importance in attracting “altruistic foreigners” interested in supporting El Salvador’s development through Bitcoin donations. The law intriguingly does not set a minimum amount for these donations. This move comes on the heels of El Salvador’s earlier initiation of its citizenship initiative under the Freedom Visa Program.
Simplifying Naturalization and Bitcoin’s National Adoption
The newly approved migration reform includes provisions that streamline the naturalization process, which typically requires a five-year permanent residence for non-Spanish-speaking individuals or a two-year residency for those married to Salvadoran citizens.
El Salvador’s adoption of Bitcoin as legal tender in 2021 marked a significant step in the country’s economic strategy. Despite a gradual implementation and limited use so far, the move has attracted some foreign Bitcoin proponents, particularly in beach communities.
El Salvador’s Bitcoin ETF Plans
Adding to these developments, Max Keiser, a prominent Bitcoin advocate, has suggested that El Salvador is exploring the launch of its own Bitcoin ETF. This proposed ETF would differ from existing ones by allowing actual Bitcoin deposits and withdrawals, offering investors a more direct and comprehensive cryptocurrency investment opportunity.
This will put the 13 BTC ETF’s to be listed in the US to shame. pic.twitter.com/xEsKBqaCdB
— Max Keiser (@maxkeiser) December 21, 2023
In conclusion, El Salvador’s recent legislative actions and potential ETF launch reflect a deepening commitment to integrating Bitcoin into its national economy and legal system. These pioneering steps could significantly influence global perceptions of cryptocurrency and its practical applications in governance and economic development.