Despite facing criticism from all corners, El Salvador president Nayib Bukele has announced new proposals to makes his country a crypto heaven for foreign investors.
In a tweet on Sunday, February 20, Nayib Bukele said that he had plans to introduce a series of reforms to offer citizenships to foreign investors and create a business-friendly environment in El Salvador. As part of his plans, he is sending 52 legal reforms proposal to his country’s Congress.
I’m sending 52 legal reforms to congress, to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.
The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.
— Nayib Bukele (@nayibbukele) February 20, 2022
Bukele did not specify whether the bills would be aimed exclusively at bitcoin-linked entrepreneurs. He wrote:
“I’m sending 52 legal reforms to congress, to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.
The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.”
Determined Nayib Bukele
Embracing Bitcoin, the world largest cryptocurrency by market cap, as a legal currency has made El Salvador president Nayib Bukele a crypto celebrity. However, he is facing strong criticism for his move from International Monetary Fund (IMF), the World Bank, and the US, which repeatedly cites the cryptocurrency’s notorious volatility and the lack of any protections for its users.
As Wealth Growth Insights reported earlier, in January, IMF executive directors, who represent the fund’s 190-member nations, advised El Salvador to drop the legal status of Bitcoin highlighting the coin’s risks to the financial stability.
Since the last week, diplomatic conflict between the US and El Salvador on Bitcoin has escalated. On February 16, three United States Senators introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act, legislation requiring a State Department report on El Salvador’s adoption of Bitcoin, as legal tender and a plan to mitigate any potential risks to the United States financial system.
Nevertheless, Bukele seems undeterred from these warnings and advises as he is pushing forward with his plans to make El Salvador a Bitcoin-nation. His fiery response to the Accountability for Cryptocurrency in El Salvador (ACES) Act shows that he is not ready to let anyone to block his way as he said:
OK boomers…
You have 0 jurisdiction on a sovereign and independent nation.
We are not your colony, your back yard or your front yard.
Stay out of our internal affairs.
Don’t try to control something you can’t control 😉
https://t.co/pkejw6dtYn— Nayib Bukele (@nayibbukele) February 16, 2022
“OK boomers…
You have 0 jurisdiction on a sovereign and independent nation.
We are not your colony, your back yard or your front yard.
Stay out of our internal affairs.
Don’t try to control something you can’t control”
El Salvador already has two big initiatives in the pipeline: the issuance of Bitcoin bonds and the development of a Bitcoin City. The country plans to launch 1 billion in Bitcoin bonds in March with the intention of elevating funds to finance the development of a Bitcoin City and purchase extra cryptocurrencies.
