El Salvador Offers Fast-Tracked Citizenship for Bitcoin Donations

El Salvador's Congress has passed an immigration law that enables swift citizenship for foreigners willing to contribute bitcoins to the nation's social and economic development initiatives. The unexpected approval of this reform came late Wednesday in a parliamentary vote supported by President Nayib Bukele's New Ideas party, holding a majority in Congress. This legislation is poised to take effect in the imminent days.

Notably, the law doesn't specify a minimum requirement for the bitcoin "donation."

Under this reform, individuals meeting the conditions won't be obligated to hold permanent residency status.

Ordinarily, Salvadoran citizenship requires a five-year naturalization period, unless an applicant originates from a Spanish-speaking country or has a Salvadoran spouse.

In 2021, El Salvador integrated bitcoin as a parallel national currency, although its widespread adoption remains limited.

President Bukele, aiming for re-election in the upcoming February 4 elections, faces constitutional restrictions against consecutive terms.

Currently, the administration navigates discussions with the International Monetary Fund for a new financing program, seeking solutions amid the nation's sluggish economic growth.

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