Bitcoin news: El Salvador approves the law that offers citizenship in exchange for BTC donation.

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Among the latest Bitcoin news, there is the one from El Salvador, where the Congress has approved the law that grants citizenship to investors who donate BTC. 

The reform has been approved with the support of Nayib Bukele’s party, New Ideas. 

Bitcoin News: El Salvador and the law that grants citizenship to those who donate BTC

According to Reuters, it seems that the Congress of El Salvador has approved the law that grants accelerated citizenship to foreigners who make “donations” in Bitcoin (BTC).

At the moment, the minimum amount of the donation is not specified but its destination is, which is in favor of government programs for social and economic development.

The reform was approved by the country’s legislature on December 21, with the support of Nayib Bukele’s party, Nuove Idee. In the coming days, the new immigration law is expected to come into effect. 

It is worth remembering that the President of El Salvador, Bukele, is running for re-election in the elections of the Central American country, scheduled for February 4th, despite the Constitution seemingly clearly prohibiting consecutive terms.

And so, thanks to the donation in Bitcoin, it will be possible to obtain citizenship by bypassing the normal requirement for the naturalization process of five years of permanent residence, for anyone coming from a non-Spanish-speaking country, or two if the person has a Salvadoran spouse.

Bitcoin News: El Salvador and the new law on citizenship for BTC donors and the “Freedom Visa”

At the moment, the current announcement from El Salvador and the citizenship granted to those who donate bitcoin, has not yet been fully formalized. 

Certainly, this news comes just a few weeks after the launch of the Freedom Visa Program, which grants up to 1000 people per year the opportunity to obtain citizenship by depositing 999$ in BTC or USDT and passing the KYC process. 

And indeed, it was December 7th when El Salvador announced the launch of the “Adopting El Salvador Freedom Visa Program”. The program is dedicated to visionaries who want to contribute to promoting an environment capable of shaping a new socio-economic landscape for El Salvador. 

To access, the process requires a non-refundable deposit of $999 in Bitcoin (BTC) or Tether (USDT), as well as passing the KYC procedure. Once the KYC is accepted, the deposit is credited as a $1 million investment, necessary to obtain the Bitcoin Freedom Visa and Salvadoran citizenship. 

In this program, there is also the participation of Tether, the crypto company behind the strongest stablecoin in the market, as a technological partner. 

The launch of Bitcoin Bonds in the first quarter of 2024

Recently, El Salvador has made headlines for announcing that Bitcoin Bonds will be issued in the first quarter of 2024.

The Bitcoin Bonds are digital financial instruments that aim to raise funds to build and develop the “Bitcoin City”. They are on-chain debt instruments created with the approval of a specific regulatory framework that supports these unique bonds. 

Behind these tools, there is also Bitfinex Securities which, in collaboration with Blockstream technology, will be responsible for issuing the bonds. It is estimated that the initial offering will be around 1 billion dollars.