El Salvador Passes Law Offering Citizenship to Bitcoin Investors: Report

El Salvador's Congress has reportedly approved an immigration law that grants instant citizenship to foreigners who make Bitcoin (BTC) “donations” to the government's social and economic development programs.

The reform was approved by the country's legislature on December 21 with the support of Nayeb Bukele's New Idea Party, according to a Reuters report.

The law is expected to come into effect in the coming days.

Bukele took over as head of state temporarily to campaign for the February 4, 2024 presidential election. In the year He led El Salvador's Bitcoin revolution when the cryptocurrency became legal tender in September 2021.

The El Salvadoran government has not made an official announcement on the new law, but the National Bitcoin Office (ONBTC) has repeated the news in several X (formerly Twitter) posts. ONBTC is a special administrative unit that manages all Bitcoin and cryptocurrency projects across the country.

Cointelegraph contacted El Salvador's National Bitcoin Office for comment, but did not receive an immediate response.

The bill is marked as a “crucial interest” by Buckel – as reported by Reuters – along with many Bitcoin-related projects currently being developed by Bitcoiners from foreign countries.

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“Foreign nationals interested in supporting the economic, social and cultural development of El Salvador … by donating bitcoin,” the bill reportedly says.

Reuters said the law does not specify a minimum donation requirement.

The development comes two weeks after El Salvador launched a Bitcoin “freedom visa” for foreigners willing to invest $1 million in BTC or Tether (USDT) into the Central American country.

This is a developing story, and more information will be added as it becomes available.

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