In a tweet from president Bukele of El Salvador on Sunday, he let it be known that entrepreneurs from around the world who would invest in the future of his country would be welcome. Of the 52 new legal reforms being sent to congress, one will offer citizenship for foreign investors.
This isn’t the first time that the president has offered citizenship to foreigners. He stated last year that his country would welcome investors from abroad who invested in its proposed bitcoin fund, and that those who invested could be fast-tracked for citizenship.
President Bukele has come under a lot of pressure for his country’s acceptance of bitcoin as legal tender. The pressure has only grown as time has gone on, and international financial organisations such as the International Monetary Fund, have realised the full implications of a bitcoin centred country.
Should El Salvador succeed with its bitcoin experiment, then other countries will surely follow suit, and the IMF will lose many candidates for its dollar loans that put countries into straitjackets that they can never get out of.
It is maybe for this reason that the IMF has urged El Salvador to reverse its decision, threatening that “it would be difficult to get a loan from the institution”.
In the US, some senators have introduced legislation which urges the U.S. State Department to investigate El Salvador’s introduction of bitcoin as legal tender. They are accusing the country of “opening the door for money laundering cartels”.