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El Salvador’s president promises citizenship to foreign Bitcoin investors

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El Salvador
El Salvador

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The president of El Salvador, Nayib Bukele, continues to advocate for Bitcoin as legal tender in the country. Bukele has now promised foreign investors that he will create a haven for Bitcoin initiatives.

Bukele’s announcement comes amid building pressure from external forces that want the country to drop the use of Bitcoin as legal tender.

El Salvador to attract foreign Bitcoin investors

Bukele posted a tweet talking about 52 new legal reforms that will carry benefits for investors that want to be part of El Salvador’s Bitcoin future.

“I’m sending 52 legal reforms to congress to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.,” he said. “The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.”

This is not the first time that Bukele is offering foreigners an opportunity to be recognized as citizens in El Salvador. In 2021, Bukele said that El Salvador was open to investors interested in the Bitcoin fund. He also said that foreigners who invested in the fund would easily acquire citizenship.

El Salvador’s Bitcoin law facing opposition

Pressure has been piling upon Bukele to do away with the Bitcoin law and go back to using USD as the only legal tender in the country. The International Monetary Fund (IMF) and the World Bank were among the first to critique the law’s implementation, saying that it posed a risk to El Salvador’s economy.

However, the cryptocurrency community has defied the sentiments of these financial institutions, saying that their arguments are biased.

Recently, US senators tabled a bill assessing the use of Bitcoin as legal tender in El Salvador and the risks posed. According to the senators, using Bitcoin as legal tender paved the way for money laundering activities. However, Bukele responded that El Salvador was not a colony of the US. He also said that the US senators had no jurisdiction in El Salvador.

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