El Salvador Invites Foreigners to Bring Bitcoin Into the Country

10 months ago 7

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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.

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.”

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.