El Salvador’s Congress has given the green light to a pioneering migration law that fast-tracks citizenship for foreigners contributing Bitcoin (BTC) “donations” to advance government-backed social and economic programs. The legislative change, supported by President Nayib Bukele’s New Ideas party, was endorsed on December 21 and is poised to take effect shortly.
Bukele, the driving force behind El Salvador’s adoption of Bitcoin as legal tender in September 2021, temporarily stepped down as president to focus on campaigning for the upcoming February 4, 2024, presidential election.
While there’s no official announcement from the government, the National Bitcoin Office (ONBTC) has hailed this as the “world’s inaugural citizenship by Bitcoin donation program.” Tasked with overseeing all Bitcoin and cryptocurrency initiatives in the country, the ONBTC spearheads this unprecedented move.
Under the legislation, “selfless foreign contributors interested in bolstering El Salvador’s economic, social, and cultural progress by donating Bitcoin” could qualify for accelerated citizenship.
This landmark development follows El Salvador’s recent introduction of the Bitcoin “Freedom Visa,” welcoming foreign investors willing to commit $1 million in BTC or Tether (USDT) to the Central American nation. Additionally, the much-anticipated Bitcoin bonds, dubbed “Volcano Bonds,” have secured regulatory approval and are slated for launch in the initial quarter of 2024.
