El Salvador's Legislative Assembly has recently passed a new immigration law, as reported by Reuters, which allows foreigners to gain expedited citizenship by donating Bitcoin to the nation's social and economic development initiatives. This legislation, endorsed by President Nayib Bukele's New Ideas party, was approved on December 21.
The implementation of this law is anticipated in the near future. President Bukele, who played a pivotal role in El Salvador's adoption of Bitcoin as legal tender in September 2021, has stepped down temporarily to participate in the presidential elections scheduled for February 4, 2024. While there has been no formal announcement from the Salvadoran government regarding this law, the country's National Bitcoin Office (ONBTC), responsible for overseeing all Bitcoin and cryptocurrency-related endeavors, has echoed the news through retweets on X (previously known as Twitter).
The bill, deemed a priority by Bukele, aims to attract foreign Bitcoin proponents who are interested in contributing to El Salvador's growth in various sectors. It specifically targets "altruistic foreigners" who want to assist in the country's "economic, social, and cultural development" by making Bitcoin donations, as per Reuters' report.
Furthermore, Reuters highlighted that the new law does not set a minimum amount for the Bitcoin donations. This development follows El Salvador's recent introduction of the Bitcoin Freedom Visa,
