Nayib Bukele offers citizenship to foreign investors

Nayib Bukele offers citizenship to foreign investors

The 52 proposed legislative reforms aim to minimize bureaucracy, paperwork and create tax incentives to make El Salvador a more libertarian society.

President Nayib Bukele wants to offer citizenship to investors in El Salvador.

On Sunday, President Nayib Bukele declared to the cryptocurrency community that he has submitted a list of 52 legislative revisions to Congress. Nayib Bukele recommended reducing paperwork, reducing bureaucracy, producing tax incentives and, most importantly, offering citizenship to foreign investors.

The president promised to make El Salvador a country of freedom in a world of “tyranny”.

Nayib Bukele has become a symbol of Bitcoin adoption, but he is also a divisive figure in international politics. A bipartisan group of US senators has supported legislation to ease concerns that El Salvador accepts BTC as a legal payment.

President Bukele criticized the new law and reminded US senators that they have no jurisdiction over a sovereign and independent nation.

El Salvador will issue its $1 billion Bitcoin volcanic bond in March. They will go towards the construction of the first Bitcoin city in the world.

In September of last year, El Salvador became the first country to recognize Bitcoin as legal money alongside the dollar. While most international institutions, including the World Bank and the International Monetary Fund, discouraged the use of BTC as a legal payment, the country reportedly saw the highest GDP growth in its history, around 10 percent.