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El Salvador Invites Foreigners to Bring Bitcoin Into the Country

1 min
Updated by Ciaran Lyons
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In Brief

  • El Salvador's government embraces Bitcoin donations, offering accelerated citizenship to foreign contributors.
  • Soon to be enacted, the legislation signals a significant move in facilitating Bitcoin-related opportunities.
  • No specified minimum Bitcoin donation is required for expedited citizenship, attracting a diverse group of individuals.
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El Salvador’s government has welcomed with open arms foreigners who want to make Bitcoin donations to government development programs.

A recent report noted that a surprise vote on December 20th a legislature was passed, which will come into effect in the coming days.

Foreigners Can Secure El Salvador Citizenship Through Bitcoin Donations

A recent report highlights that the law doesn’t specify a minimum Bitcoin donation for expedited citizenship access.

At the time of publication, Bitcoin’s price stands at $42,861.

Bitcoin Price Chart 1 Month. Source: BeInCrypto
Bitcoin Price Chart 1 Month. Source: BeInCrypto

However, the report noted that El Salvador’s positive stance towards Bitcoin has already seen an influx of foreign residents come to the nation.

“Some foreign promoters of the digital currency have moved to the country, mainly to beach communities.”

Read more: Top 7 Platforms To Earn Bitcoin Sign-Up Bonuses in 2024

El Salvador’s Ongoing Bitcoin Efforts

Meanwhile, this comes after BeInCrypto recently reported that El Salvador is a step closer to issuing its volcano Bitcoin bonds.

However, the investment vehicle has finally been given regulatory approval paving the way for bond issuance.

Additionally, on Dec. 12, the National Bitcoin Office (ONBTC) of El Salvador announced that the Volcano Bond has received regulatory approval from the Digital Assets Commission (CNAD).

The move for El Salvador to adopt Bitcoin has been a talking point among the crypto community. Furthermore, BeInCrypto reported earlier this year that around 70% of the population of El Salvador lacks access to a bank account.

It was noted that the adoption of Bitcoin was in an effort to combat poverty and aid unbanked citizens.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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