Jun 29
Citizenship for entrepreneurs investing with cryptocurrencies
President of El Salvador proposes to grant citizenship to entrepreneurs who invest in his country with cryptocurrencies
Bukele proposes to grant citizenship to entrepreneurs who invest with cryptocurrencies.
Once again Nayib Bukele, president of El Salvador, tries to implement innovative measures to favor local investment projects.
El Salvador’s President Nayib Bukele said on Sunday that he will send a battery of legal reforms to Congress, which includes a proposal to grant citizenship to entrepreneurs who invest in the Central American country, as well as other initiatives aimed at favoring investment projects.
The president did not specify whether the projects would be aimed exclusively at bitcoin-related businesses — legal tender in the country — but during the week he referred to El Salvador as “the land of bitcoin freedom.”
“I am sending 52 legal reforms to Congress, to eliminate paperwork, de-bureaucratize, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.,” the president wrote on his Twitter account.
“The plan is simple: as the world falls into tyranny, we will create a haven for freedom,” Nayib Bukele.
In September, El Salvador became the first country in the world to establish bitcoin as a legal currency, parallel to the U.S. dollar, a decision that earned criticism from the International Monetary Fund (IMF) for its volatility and risks to its finances.
Earlier this year, Finance Minister Alejandro Zelaya announced that the government was preparing to send twenty bills to Congress with a view to launching an unprecedented issuance of bitcoin bonds.
Bukele plans to launch the first issue of bitcoin-backed bonds in March for an initial $1 billion with a 10-year term, with the aim of raising funds to finance the construction of the “Bitcoin City” project and buy more cryptocurrencies.
Originally published at https://www.reddit.com.
