El Salvador’s pro-Bitcoin president will grant citizenship to overseas investors

The 52 proposed legislative changes ask for less bureaucracy and red tape, as well as the creation of tax incentives, in order to make El Salvador one of the most liberty-oriented nations in the world.

President Nayib Bukele of El Salvador wants to provide citizenship to individuals who invest in the tiny Central American country.

On Sunday, President Bukele informed the cryptocurrency community through Twitter that he was forwarding a list of 52 law revisions to Congress. Among his most prominent suggestions, Bukele advocated for the elimination of red tape, the reduction of bureaucracy, the creation of tax incentives, and, most notably, the provision of citizenship to foreign investors.

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.

— Nayib Bukele 🇸🇻 (@nayibbukele) February 20, 2022

The president pledged to transform El Salvador into one of the most libertarian nations in the world at a time when the globe is descending into “Tyranny.”

Bukele has emerged as a proponent of Bitcoin (BTC) adoption but has also become a figure of controversy in international politics for the same reasons. Recently, a bipartisan group of US senators submitted new legislation aimed at mitigating the dangers associated with El Salvador’s acceptance of BTC as legal cash.

President Bukele chastised the new law, referring to the United States senators as “boomers” and reminded them that they have no control over a sovereign and independent country.

El Salvador is preparing to debut its highly anticipated billion-dollar Bitcoin Volcanic bonds next month in March. The proceeds from the bonds would be used to support the construction of the world’s first Bitcoin metropolis.

El Salvador made history in September when it became the world’s first nation to legalise Bitcoin alongside the US currency. While the majority of international organisations, including the World Bank and the International Monetary Fund, continued to warn against the negative consequences of using BTC as legal tender, the country reportedly achieved a gross domestic product growth rate of over 10%, the highest in the country’s history.

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