Foreigners Invited To El Salvador If They Can Bring BTC Into The Country
The El Salvador government warmly embraces foreigners interested in contributing Bitcoin (BTC) donations to support local development initiatives. In a surprising turn of events, a recent legislative vote on December 20th, 2023, was officially approved and is set to take effect shortly. Through the BTC donations, foreigners can gain access to accelerated citizenship in the country.
Moving to El Salvador
Various reports highlight that the law does not specify a minimum Bitcoin donation for expedited citizenship access. Despite this, the favorable stance adopted by El Salvador toward Bitcoin has already attracted an influx of foreign residents to the nation, particularly in beach communities. Notably, El Salvador has progressed towards issuing its volcano Bitcoin bonds, with the investment vehicle obtaining regulatory approval, paving the way for bond issuance.
Bitcoin is the answer
It was on December 12th, 2023, that the National Bitcoin Office (ONBTC) of El Salvador announced that the aforementioned Volcano Bond initiative had received regulatory approval by the Digital Assets Commission.
The adoption of Bitcoin by El Salvador has been a prominent topic in the cryptocurrency community. As a matter of fact, it had been reported earlier this year that approximately 70% of the population in El Salvador lacks access to a bank account. The integration of Bitcoin is seen as an initiative to address poverty while simultaneously assisting the unbanked citizens.
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