El Salvador President: Bitcoin Law To Be Approved Tonight, People Who Invest In 3BTC In El Salvador Will Get Permanent Residency

Cointelegraph reports that Salvadoran President Nayib Bukele says there is an almost “100% chance” that his bill to make bitcoin legal tender will be passed tonight. In a Twitter Spaces conversation with an audience of 22,000 after 5 a.m. UTC, he said the bill is currently being debated, but since his party holds 64 of the 84 seats, he expects he will first sign the law later tonight or tomorrow. He revealed that he will meet with the International Monetary Fund on Thursday. The government will also release an official bitcoin wallet (but this is not mandatory). The government intends to hold bitcoin on its balance sheet, but that would require a separate law. Permanent residency will be granted to those who invest 3 BTC in El Salvador. A trust fund will be created to cover the risk of merchants who accept bitcoin.