El Salvador To Grant Citizenship to Foreign Bitcoin Investors

El Salvador has passed a new law to grant citizenship to foreign Bitcoin investors. The country’s congress approved a migration law granting expedited citizenship to foreigners who make Bitcoin “donations” to government social and economic development programs. The law is expected to come to fruition in the next few days.

The country’s legislature passed the reform late Wednesday evening with support from President Nayib Bukele’s New Ideas party. The law does not cite any minimum “donation” requirement. With Bukele aiming for re-election in February’s election, the Salvadoran official aims to further develop the country’s Bitcoin project. El Salvador is one of the most Bitcoin-forward countries in South America. In 2021, the country established BTC as a national currency. However, country-wide implementation is still a work in progress.

Furthermore, the new citizenship reform cites “altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador … by donating bitcoin.” The reform says that those who qualify would skip the normal requirement for the naturalization process of five years of permanent residence for anyone from a non-Spanish-speaking country.

Also Read: Argentina Minister Says Contracts Can Now be Settled in Bitcoin

On December 11, El Salvador’s National Bitcoin Office (ONBTC) revealed that the country’s Volcano Bond was greenlit by the nation’s Digital Assets Commission (CNAD). ONBTC expects the bond will launch in Q1 2024, and further push plans for the country’s “Bitcoin City”.

  • bitcoin
  • btc
  • El Salvador

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a Bitc
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XAI (@X
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, the crypto may try to fli
Read more