El Salvador’s Bitcoin-loving president, Nayib Bukele, has expressed its intention to offer citizenship to overseas investors. This action may encourage further capital projects since this sequence of changes can easily boost and bolster the country’s economy.
Bukele Reveals It On Twitter
“I’m giving Congress 52 legislative reforms to cut red tape, decrease bureaucracy, establish tax incentives, citizenship in exchange for investments, new securities rules and stability contracts, among other things. The strategy is simple: as the globe descends into tyranny, we’ll provide a safe haven for freedom seekers,” Bukele declared on Twitter.
However, he did not mention if the legislation is aimed only at bitcoin-related businesses. El Salvador, on the other hand, has been referenced and referred to as “the kingdom of Bitcoin Freedom”.
In a time when other countries across the world have slid into “Tyranny,” the Salvadoran president has committed to making El Salvador a country respecting individual liberty.
El Salvador has long been seen as a Bitcoin-friendly country. In September of last year, it became the first country to recognize Bitcoin as legal tender. Despite the IMF’s harsh condemnation of the dangers and high volatility associated with cryptocurrency, Bukele remained unfazed and optimistic.
These findings come after the US Senate Foreign Relations Committee pushed the State Department to investigate and verify Bitcoin’s legal status in El Salvador. Every issue about Bitcoin or cryptocurrency revolves around the criminal acts that surround digital currencies. El Salvador’s decision to offer citizenship has strained the country’s ties with the US.
Bukele was the most vehement in his opposition to the US Senate’s attempt to study Bitcoin’s legal status. “You have 0 jurisdictions on a sovereign and independent nation,” he remarked on Twitter. We are not a colony, a backyard, or a front yard for you. Please don’t meddle in our internal matters. Don’t waste your time trying to manage something you can’t.”
Senator Bill Cassidy repeatedly indicated that the proliferative adoption of Bitcoin or other decentralized digital currencies “opens the door for money laundering cartels and undercuts US interests”.
El Salvador: First Among The Countries To Offer Citizenship:
El Salvador will be one of the first nations to give citizenship to international crypto investors, according to Henley & Partners, a citizenship consultancy located in the United Kingdom. Turkey, Malta and a number of Caribbean countries are among those following in their footsteps.
According to reports, Nayib Bukele intends to issue $1 billion in Bitcoin Bonds by the end of March. The president intends to use these monies to support the establishment of the “Bitcoin City” initiative as well as invest in other cryptocurrencies. El Salvador now has 1,801 Bitcoins in its possession, with a total value of $69 million.
