Lawmakers in El Salvador have approved a law that will provide citizenship to those who donate Bitcoin, Reuters reported on Dec. 21.
Members of the country’s unicameral legislature passed the law in a vote on Dec. 20. The law is expected to take effect in a few days.
The new law expedites the citizenship process for foreign individuals who contribute significantly in Bitcoin to El Salvador’s social and economic development programs. The text of the law reportedly states that the various government projects that qualify for donation are of “vital interest.” It also appeals to “altruistic foreigners” who are interested in supporting the country’s development.
Reuters noted that the law will allow individuals to skip an immigration process, which typically allows permanent resident status after five years. Those who marry a citizen of El Salvador can become a permanent resident after two years.
The law does not mention any minimum donation amount, according to Reuters. Past reports on the country’s “Freedom Passport” suggest that the cost is $1 million in U.S. dollars, including a $999 upfront application fee and the remainder after approval. The fee may be paid in Bitcoin (BTC) or Tether (USDT).
El Salvador is highly involved in Bitcoin
This law is one of many pro-cryptocurrency initiatives from El Salvador President Nayib Bukele, who earlier this month stepped down to launch a re-election bid.
Under Bukele’s leadership, the country made Bitcoin legal tender in September 2021 and gave away the equivalent of $30 of Bitcoin to each citizen. The country is also pursuing a bond program that is intended to fund a “Bitcoin City,” which includes a crypto-mining operation powered by geothermal or volcanic energy.
Source:cryptoslate.com
