El Salvador’s president, Nayib Bukele, introduced 52 legal reforms to attract foreign investment and turn the country into one of the most freedom-centered countries in the world.
The proposals is to offer citizenship to those who invest in the Central American nation.
Previously a similar proposal had already been made to cryptocurrency investors in offering them permanent residency in their country.
The difference now is that it will be legal and will also offer citizenship.
He wrote yesterday on Twitter:
“I am sending 52 legal reforms to Congress, to eliminate red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investment, new securities laws, stability contracts, etc. The plan is simple: as the world falls into tyranny, we will create a haven for freedom.”
Responses to Bukele’s announcements were not long in coming from the crypto community.
Tron CEO Justin Sun himself responded:
“The CBI (Citizenship by Investment) project is the key - I’d like to join the citizenship once the project is live!”.
El Salvador and Bitcoin
El Salvador is set to launch the $1 billion volcanic mining-based Bitcoin bonds in March. Funds generated from the bonds would be used to build the world’s first Bitcoin city.
Bukele has become a standard-bearer for Bitcoin adoption, and has also become an equally controversial figure in international politics for the same reasons.
Recently, a bipartisan group of senators in the United States introduced new legislation, seeking to mitigate the risks posed by the adoption of BTC in El Salvador as legal tender.