El Salvador’s President Nayib Bukele has revealed his plans to offer citizenship to foreigners who invest in his country. He also proposed 52 legal changes to Congress to reduce bureaucracy and red tape to make his country a haven for freedom.
Salvador to Welcome Foreign Investors via Offering Citizenship
On Sunday, President Nayib Bukele tweeted that he had proposed 52 changes to Congress to make his country better. He also added that he plans to offer citizenship to foreigners intending to invest in the LATAM nation.
He revealed that his goal is to set Salvadorans free while the world is falling into ‘Tyranny.’ The Salvadoran President has become a capital campaigner for the adoption of BTC and a controversial figure for the same reasons. Many authorities have even moved to stop him from continuing with his country’s policy of BTC adoption.
Recently, a group of Senators proposed a bipartisan bill seeking to create legislation to mitigate risks posed to US’s economy by Salvador’s BTC policy. As many would expect, Bukele called them out and said his country is a free and sovereign nation whose independence should be respected.
Since the adoption of BTC, he has been receiving backlash even though his country’s GDP is rising. Now, he plans to entice new investors to live in his country by offering citizenship. However, he did not clarify whether the eligible investors for the citizenships must be tied to the crypto space.
Bukele’s Efforts in Making El Salvador a Crypto Hub
Bukele’s effort to offer citizenship to investors follows similar decisions by countries like Malta and Turkey. It is one of the unique strategies to foster the growth of a nation as foreign investors will help improve the productivity of the country.
Last September, President Bukele first led his country to adopt BTC as its legal tender with massive support from other lawmakers. They even offered free BTC to those who installed and used the government Chivo wallets. Even though the country has been making losses from the BTC investment, Bukele continuously urges his lawmakers to buy more coins during the dips.
In January 2022, the Latam country added $15M worth of BTC to its holdings taking advantage of the crypto winter. Now the government owns a stash of 1,801 BTC worth $69M making it one of the BTC whales in the market.
Per crypto.news, the Salvadoran President wants to issue $1B BTC bonds in March. He has also said that he is exploring and weighing whether to offer another $5B in crypto Bonds in April. The country plans to use these bonds to develop a ‘Bitcoin City’ and increase its stash of digital assets.
The crypto adoption plans seem to be working for the country even when there is a crypto winter. For the first time in the history of Salvador, the country’s GDP grew by 10.3% in 2021. Now, the world can only watch as the country leads it in crypto adoption since some take it as a social project to show the effects of legalizing BTC.