El Salvador’s President, Nayib Bukele, proposes granting foreign investors citizenship

El Salvador’s President, Nayib Bukele, has announced plans to provide citizenship to foreign investors. In addition, he recommended 52 legislation amendments to Congress to cut bureaucracy and red tape and make his country a safe sanctuary for freedom.

Salvador Will Greet, Foreign Investors By Offering Citizenship

President Nayib Bukele tweeted on Sunday that he has suggested 52 amendments to Congress to improve his country. He also stated that he intends to provide citizenship to foreigners who desire to invest in the LATAM region.

He stated that his purpose is to set Salvadorans free as the rest of the globe falls into ‘Tyranny.’ For the same reasons, the Salvadoran President has become a strong evangelist for the adoption of BTC, as well as a divisive personality. Many authorities have even sought to prevent him from continuing with his country’s BTC adoption strategy.

Recently, a bipartisan group of Senators suggested legislation to offset the dangers presented to the US economy by Salvador’s BTC policy. Bukele, as expected, called them out, saying his country is a free and independent nation whose independence must be respected.

Even though his country’s GDP has been increasing since the introduction of BTC, he has received criticism. As a result, he now intends to persuade additional investors to relocate to his nation by giving citizenship. However, he did not specify if the eligible investors for the citizenships must be connected to the crypto field.

Bukele’s Efforts to Turn El Salvador Into a Crypto Hub

Bukele’s initiative to provide citizenship to investors follows similar moves made by nations such as Malta and Turkey. It is one of the unique ways for fostering a nation’s progress since international investors will aid increase the country’s productivity.

President Bukele was the first to adopt BTC as legal cash in September, with widespread backing from other MPs. They also gave away free Bitcoin to anyone who downloaded and used the government’s Chivo wallets. Even though the nation has been losing money on its Bitcoin investment, Bukele continues to push his parliamentarians to buy additional coins when they are on sale.

Taking advantage of the crypto winter in January 2022, the Latin American country added $15 million in BTC to its holdings. The government now owns 1,801 BTC worth $69 million, making it one of the market’s BTC whales.

The Salvadoran President plans to sell $1 billion in Bitcoin bonds in March. He has also stated that he is considering offering another $5 billion in crypto bonds in April. The nation intends to utilize the bonds to build a “Bitcoin City” and grow its holdings in digital assets.

Even during a crypto winter, the country’s crypto adoption initiatives appear to be succeeding. In 2021, Salvador’s GDP will grow by 10.3 percent for the first time in its history. The world can only watch as the country leads crypto adoption since some see it as a social project to demonstrate the consequences of legalizing Bitcoin.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button