El Salvador's Congress approved an immigration law granting accelerated citizenship, according to which people who donate Bitcoin to the government can become citizens of El Salvador.
The practice, supported by El Salvador's President Nayib Bukele, is expected to take effect in the coming days. For Bukele, who will run for re-election on February 4, this reform is very important.
The law does not specify any minimum donation requirement.
Bitcoin became the national currency in El Salvador in 2021. Although implementation has been slow and limited, it is known that the country has continued to invest in Bitcoin since then.
Bukele's cash-strapped government is trying to strike a deal with the International Monetary Fund (IMF) for a new financing program.
