El Salvador’s President Nayib Bukele continues to defend Bitcoin as the country’s legal tender. Bukele has now promised foreign investors that he will create a haven for Bitcoin initiatives.
Bukele’s announcement comes amid mounting pressure from outside forces who want the country to abandon the use of Bitcoin as a legal tender.
El Salvador will attract foreign investors in Bitcoin
bukele posted a tweet talking about 52 new legal reforms that will bring benefits to investors who want to be a part of El Salvador’s future Bitcoin.
“I am submitting 52 legal reforms to Congress to reduce bureaucracy, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.”, he said. “The plan is simple: as the world falls into tyranny, we will create a haven for freedom.”
This is not the first time that Bukele has offered foreigners the opportunity to be recognized as citizens of El Salvador. In 2021, Bukele said that El Salvador was open to investors interested in the Bitcoin fund. He also said that foreigners who invested in the fund would easily acquire citizenship.
El Salvador’s Bitcoin Law Faces Opposition
Pressure has been building on Bukele to end the Bitcoin law and return to using the dollar as the only legal tender in the country. The International Monetary Fund (IMF) and the World Bank were the first to criticize the law’s implementation, saying it posed a risk to El Salvador’s economy.
However, the cryptocurrency community has challenged the sentiments of these financial institutions, saying their arguments are biased.
Recently, US senators introduced a bill evaluating the use of Bitcoin as legal tender in El Salvador and the risks presented. According to senators, the use of Bitcoin as legal tender has paved the way for money laundering activities. However, Bukele replied that El Salvador was not a US colony. He also said that US senators do not have jurisdiction in El Salvador.
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