El Salvador has offered citizenship to foreign investors


Naib Buckel, El Salvador’s bitcoin-loving president, has announced plans to grant citizenship to foreign investors. The move could invite more investment projects as this series of reforms is a step towards strengthening and consolidating the country’s economy. Buccaneer made the announcement on Twitter on Sunday Tweet Says:

I am sending 52 legal reforms to Congress, to remove the red tape, to reduce bureaucracy, to create tax incentives, citizenship in exchange for investment, new securities laws, stability agreements, and so on. The plan is simple: when the world falls into oppression, we will create a haven for freedom.

Naib Buckel has not yet said whether the bills will only be aimed at bitcoin-linked entrepreneurs. He did, however, refer to El Salvador as the “land of bitcoin independence.”

The president of Salvador promised that he would like to see El Salvador become a independence-centric country at a time when other nations of the world were “oppressed.”

Known to all, El Salvador is a bitcoin-loving nation. In September last year, it became the first country to establish Bitcoin as a legal tender. Despite strong criticism from the IMF about the risks and huge volatility that crypto carries, Buckle has remained positive.

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The news comes after the US Senate Committee on Foreign Relations in El Salvador requested the State Department to verify and verify the legal status of Bitcoin. Every concern surrounding Bitcoin or cryptocurrency always goes back to illegal practices related to digital currency. El Salvador’s decision to grant citizenship has now inflated its relations with the United States.

In response to the U.S. Senate’s attempt to investigate the legal status of Bitcoin, Buccaneer had a harsh response. “You have zero authority in a sovereign and independent state,” he wrote on Twitter. We are not your colony, your backyard or your front yard. Stay away from our internal affairs. Don’t try to control something you can’t control. ”

Senator Bill Cassidy previously noted that the adoption of bitcoin or decentralized digital currency “opens the door to money laundering cartels and undermines US interests.”

El Salvador will be one of the first countries to grant citizenship

Henley & Partners, a UK-based citizenship consultancy, said El Salvador would be one of the first countries to grant citizenship to foreign crypto investors. Other countries following the same path are Turkey, Malta and many countries in the Caribbean.

It is also learned that Naib Buckle plans to launch $ 1 billion in Bitcoin bonds by March. Through these funds, the president’s goal is to finance the creation of the “Bitcoin City” project and to invest in other cryptocurrencies.

Currently, El Salvador owns 1,801 bitcoins and the total value of bitcoin holdings is $ 69 million.

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