El Salvador Passes Law Offering Citizenship to Bitcoin Investors: Report

El Salvador's Congress has reportedly approved a migration law allowing citizenship to foreigners who make Bitcoin (BTC) "donations" toward the country's government-run social and economic development programs.

The reform was passed by the country's legislature on Dec. 21 with support from the Nayib Bukele's New Idea's party, according to a Reuters report.

The law is expected to come into force in the coming days.

Bukele temporarily stepped down on as the country's leader to campaign for the upcoming presidential election on Feb. 4, 2024. He spearheaded El Salvador's Bitcoin revolution when he made the cryptocurrency legal tenderin September, 2021.

JUST IN: El Salvador passes law offering citizenship to Bitcoin

investors.Bitcoin & Beauty pic.twitter.com/F3kKt8Og9h

— Bitcoin Archive (@BTC_Archive) December 21, 2023

The El Salvado

The bill was labeled a "vital interest" of Bukele's — according to Reuters — with many Bitcoin-related projects currently being developed by Bitcoiners from foreign countries.

Related: El Salvador unveils BTC ‘Freedom Visa’ — but it’s 10x the cost of others

"Altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador ... by donating bitcoin," the bill reportedly states.

Reuters said the law doesn't cite a minimum donation requirement.

This is a developing story, and further information will be added as it becomes available.