El Salvador’s Congress reportedly passed a new migration law allowing fast-tracked citizenship for foreigners making Bitcoin (BTC) contributions toward government programs. President Nayib Bukele’s New Ideas party backed the reform, expected to be enacted soon.
Bukele, a key advocate of El Salvador’s Bitcoin adoption, drove its legal tender status in September 2021 but is currently focusing on the upcoming 2024 presidential election, temporarily stepping down.
Though the government hasn’t officially announced the law, the National Bitcoin Office (ONBTC) labels it the “world’s first citizenship by Bitcoin donation program.” This unit oversees Bitcoin initiatives across El Salvador.
The law outlines that foreigners donating Bitcoin to support El Salvador’s development could qualify for expedited citizenship.
This move follows the recent launch of El Salvador’s Bitcoin “Freedom Visa,” inviting foreigners to invest $1 million in BTC or Tether (USDT) for residency. Additionally, the country’s awaited Bitcoin bonds, dubbed “Volcano Bonds,” secured regulatory approval and are set for a 2024 first-quarter launch.
