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In an effort to boost its economic and social development, El Salvador has recently passed a law granting citizenship to those who donate Bitcoin. This legislation was confirmed by Reuters on Dec. 21 and is expected to come into effect in the coming days. It was approved by the unicameral legislature of the country on Dec. 20. This move aims to expedite the citizenship process for foreign nationals who significantly contribute Bitcoin to El Salvador’s development programs.
The enacted law allows for bypassing the conventional immigration procedures, typically a five-year process to permanent resident status or a two-year process for those marrying a Salvadoran citizen. Moreover, the legislation doesn’t specify a minimum donation, although previous reports about a ”Freedom Passport” in the country suggest a $1 million USD donation, inclusive of an initial $999 application fee, with the balance payable after approval either in Bitcoin (BTC) or Tether (USDT). As per the law text, various government projects accepting Bitcoin donations are described as being of vital interest, with the act catering to altruistic foreigners keen to support the nation’s progress.
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