Last Updated on 14 mins by John Piper

All taxes in El Salvador have been slashed on innovative technologies. The government of the crypto-friendly nation has taken the decision to establish a Bitcoin-specific office.

In September 2021, El Salvador made Bitcoin legal tender. President Nayib Bukel saw cryptocurrency as a means to combat hyperinflation. Bukele authorized Bitcoin to be legal currency in El Salvador in September 2021. This was done in order to remove the country’s dependence on the US dollar. The government is currently working to integrate Bitcoin into national finance and investment. This includes the establishment of a government office for cryptocurrency. The government established the “Bitcoin Office” or the National Bitcoin Office (ONBTC).

Ayer tuvimos una reunion muy especial con la @bitcoinofficesv

Las empresas de #Bitcoin y los reguladores llevan iniciativas conjuntas para aportar aun mas a #ElSalvador

Como miembro de @asobitcoin recibiras este y muchos mas beneficios exclusivos! pic.twitter.com/OFgzpO4GA6

— Asociacion Bitcoin de El Salvador (@asobitcoin) March 30, 2023

Translation:

“Yesterday, we had a very special meet with the @bitcoinofficesv Companies of #Bitcoin collaborate to make #ElSalvador a better place. As @asobitcoin members, you will get this and many other exclusive benefits!”

Bukele’s strategy for Bitcoin is to solve financial problems in El Salvador and establish El Salvador as an international hub to promote innovation and tourism via digital currency adoption.

El Salvador as a Bitcoin friendly country

Bukele and government have eliminated taxes on technological advancement in addition to Bitcoin being legal tender and Bitcoin office. This legislation was passed in April. The legislation eliminates all taxes on income, property, and capital gains related to tech innovation and development. This legislation includes software programming, coding and apps, as well computing and hardware manufacturing.

Bukele announced that the law was being introduced at the end March and provided confirmation on its implementation the following day.

Next week, I will be sending a bill (income, property and capital gains, and import tariffs) to Congress to repeal all taxes on technology innovation, including software programming, apps, and AI development.

— Nayib Bukele (@nayibbukele) March 24, 2023

Coin Insider’s first article, “Bitcoin-friendly El Salvador abolishes tech development tax,” appeared first on Coin Insider.