President Nayib Bukele proposes granting citizenship to those who invest in El Salvador
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The president said he would soon send a reform to Congress to grant citizenship to businessmen who invest in El Salvador.
This past Sunday, the president of El Salvador, Nayib Bukele, said that he would send a battery of legal reforms to Congress. Among these measures is a proposal to grant citizenship to businessmen who invest in El Salvador and other initiatives to favor investment projects in the country.
The president did not specify whether the bills would be aimed exclusively at businesses related to bitcoin, which is now legal tender in the nation. He has recently referred to El Salvador as “the land of bitcoin freedom. “
“I am sending 52 legal reforms to Congress to eliminate paperwork, reduce bureaucracy, create tax incentives, and grant citizenship in exchange for investments. The reforms will also seek to establish new securities laws, create greater stability for contracts, etc.” the president wrote on his Twitter account.
“The plan is simple: as the world falls into tyranny, we will create a haven for freedom,” he added.
In September, El Salvador became the first country in the world to establish bitcoin as a legal tender, parallel to the US dollar. This decision has earned El Salvador criticism from the International Monetary Fund (IMF) for the volatility and the risks related to the widespread use of cryptocurrency.
At the beginning of the year, the Minister of Finance, Alejandro Zelaya, announced that the Salvadoran government was preparing to send Congress twenty bills to launch an unprecedented bond issue in bitcoin.
Bukele plans to launch the first issue of bonds backed by bitcoin for an initial amount of one billion dollars in March with a term of 10 years to raise funds to finance the construction of the ” Bitcoin City” project and buy more cryptocurrencies.
In recent months, the cryptocurrency has gone from its all-time high in November to nearly half its value in January, trading at $35,070. However, the president has yet to specify the value necessary to invest in El Salvador to gain citizenship in the Central American nation.
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