El Salvador Welcomes Foreigners to Contribute Bitcoin to the Country’s Development Programs
El Salvador’s government is embracing foreigners who wish to make Bitcoin donations to support government development projects. A recent legislative vote on December 20th, which will take effect soon, has paved the way for this initiative. Notably, the law does not specify a minimum Bitcoin donation required for expedited citizenship access.
El Salvador’s positive stance towards Bitcoin has already attracted a wave of foreign residents to the country, particularly in beach communities. This development aligns with El Salvador’s ongoing efforts to embrace Bitcoin and leverage its potential for economic growth.
Recently, El Salvador received regulatory approval to issue volcano Bitcoin bonds, signaling progress in this endeavor. Additionally, the National Bitcoin Office (ONBTC) of El Salvador announced that the Volcano Bond has received regulatory approval from the Digital Assets Commission (CNAD) on December 12th.
The decision to adopt Bitcoin as legal tender in El Salvador has been met with interest and discussion within the crypto community. With around 70% of the population lacking access to traditional banking services, adopting Bitcoin is seen as a means to combat poverty and empower the financially underserved citizens of El Salvador.