{"id":11260,"date":"2023-04-02T07:41:50","date_gmt":"2023-04-02T07:41:50","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=11260"},"modified":"2023-04-02T07:41:51","modified_gmt":"2023-04-02T07:41:51","slug":"el-salvador-removes-all-taxes-related-to-tech-innovation-for-economic-growth","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11260","title":{"rendered":"El Salvador removes all taxes related to tech innovation for economic growth"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>El Salvador, the first country to establish Bitcoin (BTC) as a legal tender, has decided to eliminate all taxes on technology innovations. The move runs parallel to establishing the National Bitcoin Office (ONBTC) of El Salvador, also known as \u201cthe Bitcoin office.\u201c<\/p>\n<p>When legalizing Bitcoin on Sept. 7, 2021, Salvadoran President Nayib Bukele saw the technology as a means to counter hyperinflation and dependence on the U.S. dollar. Over the past 18 months, El Salvador restrategized Bitcoin investments and utilized capital gains in numerous instances to rebuild the nation. <\/p>\n<p>Moving ahead with the strategy, Bukele believed in winding down tax requirements to expedite technological development. As promised, on April 1, Bukele officially sent a bill to Congress \u2014 effectively eliminating all income, property, and capital gains taxes on technology innovations \u201csuch as software programming, coding, apps and AI development, as well as computing and communications hardware manufacturing.\u201d<\/p>\n<p>Supporting this initiative is the establishment of the Bitcoin office, a regulatory body for conducting joint initiatives with Bitcoin entrepreneurs and companies. According to Asociaci\u00f3n Bitcoin de El Salvador (Bitcoin Association of El Salvador), ONBTC aims to \u201cposition the country in the world as a technological and economic power.\u201d<\/p>\n<p lang=\"es\" dir=\"ltr\">Ayer tuvimos una reuni\u00f3n muy especial con la @bitcoinofficesv <\/p>\n<p>Las empresas de #Bitcoin y los reguladores llevan iniciativas conjuntas para aportar a\u00fan m\u00e1s a #ElSalvador <\/p>\n<p>Como miembro de @asobitcoin recibir\u00e1s este y muchos m\u00e1s beneficios exclusivos! pic.twitter.com\/OFgzpO4GA6<\/p>\n<p>\u2014 Asociaci\u00f3n Bitcoin de El Salvador (@asobitcoin) March 30, 2023<\/p>\n<p>In addition to attempting a financial comeback, Bukele\u2019s ongoing efforts to reinvent El Salvador include promoting tourism, countering terrorism and building regional business hubs.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>El Salvador\u2019s Bitcoin strategy evolved with the bear market in 2022<\/em><\/strong><\/p>\n<p>At the start of 2023, El Salvador passed legislation providing the legal framework for Bitcoin-backed bonds\u00a0\u2014 Volcano Bonds.<\/p>\n<p lang=\"es\" dir=\"ltr\">#Plenaria90\u270d Con 62 votos a favor, creamos la Ley de Emisi\u00f3n de Activos Digitales. pic.twitter.com\/g1poXwLoH3<\/p>\n<p>\u2014 Asamblea Legislativa  (@AsambleaSV) January 11, 2023<\/p>\n<p>The terminology of the Volcano Bonds is derived from Bitcoin City\u2019s location, which is set to become a renewable crypto-mining hub powered by hydrothermal energy from the nearby Conchagua volcano.<\/p>\n<p><strong><em>Magazine:\u00a0What it\u2019s actually like to use Bitcoin in El Salvador<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/el-salvador-removes-all-taxes-related-to-tech-innovation-for-economic-growth\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador, the first country to establish Bitcoin (BTC) as a legal tender, has decided to eliminate all taxes on technology innovations. The move runs parallel to establishing the National Bitcoin Office (ONBTC) of El Salvador, also known as \u201cthe Bitcoin office.\u201c When legalizing Bitcoin on Sept. 7, 2021, Salvadoran President Nayib Bukele saw the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11260"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11260\/revisions"}],"predecessor-version":[{"id":11262,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11260\/revisions\/11262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11261"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}