During a live audio conversation hosted within “Spaces” on Twitter, President Nayib Bukele said El Salvador will grant permanent residency for immigrants that post 3 Bitcoins ($100,432 at the time of writing).
According to President Nayib Bukele, the government will also launch a Bitcoin wallet for its citizens, but people will be able to use any wallet.
However, he doesn’t aim to de-dollarize El Salvador:
We are not trying to de-dollarize because it won’t serve us any purpose…It’s gonna help having both currencies as legal tender.
The country will also be running a trust fund to offset the volatility to ensure that merchants won’t have to take a risk.
The president has also revealed that he is going to the International Monetary Fund.
He also suggested that a mining facility could be set up to use geothermal energy.
El Salvador expects other countries to follow El Salvador’s example. He says fewer people will have the need to immigrate to the U.S.
Bukele’s Bitcoin bill is still being debated in Congress at the time of writing.