El Salvador Officially Removes Taxes on Technological Innovations
Tech innovations in El Salvador will be exempted from taxes which could further boost cryptocurrency adoption in the country.
El Salvador made history as the first country to recognize Bitcoin as a legal tender. President Nayib Bukele viewed it as a potential solution to hyperinflation and the nation’s dependence on the US dollar.
To support technological development, Bukele sent a bill to Congress on April 1, 2023, to eliminate taxes on innovation such as software programming, coding, apps, AI development, and hardware manufacturing.
Done ✅ https://t.co/5CD6l3xJlC pic.twitter.com/vzKJ5rI3qv
— Nayib Bukele (@nayibbukele) March 31, 2023
This bill accompanies the establishment of the National Bitcoin Office, which aims to position El Salvador as a technological and economic powerhouse.
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President Bukele’s efforts to rebuild the nation also include promoting tourism, countering terrorism, and creating regional business hubs.
Recently, El Salvador passed legislation that provides the legal framework for Volcano Bonds, a type of Bitcoin-backed bond named after Bitcoin City’s location.
The city is set to become a renewable crypto-mining hub powered by hydrothermal energy from the nearby Conchagua volcano.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
