El Salvador Approves the Entry of Foreigners Carrying Bitcoin

The government of El Salvador welcomes bitcoin donations and grants expedited citizenship to foreign donors.

Anyone from outside El Salvador who wants to donate Bitcoin to the government’s development efforts has been warmly welcomed by the administration.

According to recent reports, a legislative bill was approved in an unexpected vote on December 20th and will be put into action soon.

There is no set amount of Bitcoin that must be donated in order to apply for accelerated citizenship, according to a recent article.

The current price of one bitcoin is $42,861 as of this writing. Nevertheless, the article pointed out that El Salvador’s welcoming attitude towards Bitcoin has already attracted a large number of international residents.

“Several international advocates of the digital currency have relocated to the nation, particularly to beach areas.”

At the same time, this follows BeInCrypto’s recent claim that El Salvador is getting closer to releasing its Bitcoin bonds backed by its volcano.

A regulatory sanction has been granted to the investment vehicle, thereby facilitating the issuance of bonds.

Additionally, after receiving regulatory approval from the Digital Assets Commission (CNAD), El Salvador’s National Bitcoin Office (ONBTC) launched the Volcano Bond on December 12.

The decision by El Salvador to accept Bitcoin has sparked discussions among cryptocurrency enthusiasts. Around 70% of El Salvadorian citizens do not have access to a bank account, according to research by BeInCrypto earlier this year.

It was said that the goal of using Bitcoin was to help those who do not have bank accounts and fight poverty.

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