The 52 proposed legal reforms call for less bureaucracy, less red tape and creating tax incentives to make El Salvador one of the most freedom-centric countries.
Salvadoran President Nayib Bukele wants to offer citizenship to those who invest in the small Central American nation.
President Bukele took to Twitter to inform the crypto community on Sunday that he was sending a list of 52 legal reforms to Congress. Among the most notable proposals, Bukele called for the removal of red tape, reducing bureaucracy, creating tax incentives and, most importantly, offering citizenships to foreigners looking to invest in the nation.
The president promised to make El Salvador one of the most freedom-centric countries at a time when the world is falling into “Tyranny.”
Bukele has become a flag bearer for Bitcoin (BTC) adoption but 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 risks posed by El Salvador’s adoption of BTC as a legal tender.
President Bukele rebuked the new legislation and called the U.S. senators “boomers” while reminding them that they have zero jurisdictions on a sovereign and independent nation.
El Salvador is all set to launch its much anticipated billion-dollar Bitcoin Volcanic bonds in March next month. The funds generated from the bonds would be used to build the world’s first Bitcoin city.
El Salvador made history last year in September when it became the first country in the world to make Bitcoin a legal tender alongside the U.S. dollar. While most international organizations, including the World Bank and the International Monetary Fund, continued to issue warnings against the ill impacts of using BTC as a legal tender, the country reportedly achieved a gross domestic product growth of over 10%, the highest in its history.