El Salvador May Grant Citizenship To Foreign Crypto Investors

February 21, 2022 9:56 pm

The president of El Salvador, Nayib Bukele, has the goal to offer citizenship to any foreign investors of the country with the aim to make the country one of the most freedom-centric countries.

Bukele posted recently on Twitter that he had submitted a list of 52 new legal reforms that were aimed at reducing bureaucracy as much as possible and creating tax incentives.

The president is also known for helping the small nation become the first in the world to make Bitcoin legal tender making the country popular among the crypto community, but controversial for many international regulatory agencies.

CoinTelegraph reports:

The president promised to make El Salvador one of the most freedom-centric countries at a time when the world is falling into “Tyranny.”

Bukele has become a flag bearer for Bitcoin (BTC) adoption but an equally controversial figure in international politics for the same reasons.

Recently, a bipartisan group of senators in the United States introduced new legislation, seeking to mitigate risks posed by El Salvador’s adoption of BTC as a legal tender.

President Bukele rebuked the new legislation and called the U.S. senators “boomers” while reminding them that they have zero jurisdictions on a sovereign and independent nation.

El Salvador is all set to launch its much anticipated billion-dollar Bitcoin Volcanic bonds in March next month. The funds generated from the bonds would be used to build the world’s first Bitcoin city.

Ever since El Salvador had made Bitcoin legal tender along with the USD, many international organizations such as the World Bank and the IMF issued warnings against the country to revert its decision.

With that being said, the data seems to be pointing in a different direction as it was reported that 2021 was able to achieve a GDP growth of over 10%.

This was a new milestone as the nation had never had a double digit growth in GDP before in its entire history.

As a result, the president was quick to express these new findings on Twitter showing that the many fears that many had before did not turn out to be true.

With the new laws that allow foreign investors to become citizens, the country will likely become a crypto hub that attracts the international crypto community and will continue to get more economic benefits as a result of its supportive crypto agenda.

FinanceMagnates reports:

Even after facing extreme criticism from international financial authorities like the IMF and the World Bank, Bukele continued its support for the world’s most dominant crypto asset.

Additionally, the President of El Salvador announced tax benefits on Bitcoin holdings for foreign investors.

Through the latest reforms, Bukele aims to establish El Salvador as a hub for global crypto entrepreneurs. “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.

The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom,” Bukele said.

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