Key Points:

• El Salvador’s Congress quickly endorses a regulation conceding facilitated citizenship to unfamiliar bitcoin givers, bypassing normal residency prerequisites.
• The fact that the party led by President Nayib Bukele backs the El Salvador Bitcoin Law demonstrates the leader’s continued push for crypto initiatives since the country adopted bitcoin as legal tender.

Reuters reports that the Congress of El Salvador has approved a migration law that fast-tracks the citizenship of foreigners who donate bitcoin “donations” to the country’s social and economic development initiatives.

El Salvador Bitcoin Law To Back Citizenship Acceleration

The unexpected approval was given during a late-night vote on December 21, and it was supported by the New Ideas party of President Nayib Bukele, which controls the unicameral legislature. Expected to produce results inescapably, the El Salvador Bitcoin regulation evades the standard five-year naturalization process for non-Spanish-talking outsiders, situating it as a critical strategy shift.

The regulation underlines the incorporation of “charitable outsiders” anxious to help El Salvador’s monetary, social, and social advancement through bitcoin commitments. Strikingly, no base gift necessity is specified.

Those gathering the standards can sidestep the traditional residency requirements, regularly requesting five years for non-Spanish speakers or two for people wedded to Salvadorans.

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Fast-Tracking Citizenship for Cryptocurrency Contributors

Nayib Bukele, a critical defender of El Salvador’s Bitcoin reception, briefly surrendered initiative obligations to zero in on lobbying for the impending official political decision on February 4, 2024. By making bitcoin legal tender in September 2021, Bukele made headlines and marked a turning point in the nation’s embrace of cryptocurrencies.

The National Bitcoin Office (ONBTC) has indirectly confirmed the news by reposting related updates on social media while an official announcement from the government regarding the El Salvador Bitcoin law is still pending.

The ONBTC, entrusted with managing all Bitcoin and cryptographic money projects cross country, reaffirms El Salvador’s obligation to its spearheading job as the principal country to take on bitcoin as a public cash in 2021, regardless of steady execution and restricted use.