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Policy

El Salvador President Bukele to Introduce Bill That Would Eliminate Taxes on Technology Innovations

The country in 2021 became the first nation to adopt bitcoin as legal tender.

By Camomile Shumba
AccessTimeIconMar 24, 2023 at 12:24 p.m. UTC
Updated Mar 24, 2023 at 2:51 p.m. UTC
El Salvador President Nayib Bukele (Getty Images)
El Salvador President Nayib Bukele (Getty Images)
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President Nayib Bukele on Thursday night said he will be proposing a bill to El Salvador's congress eliminating all taxes on both software and hardware technology innovations.

It is unclear yet if this measure will extend to bitcoin (BTC) applications, but El Salvador and its president are known for being bitcoin-friendly, in 2021 becoming the first nation to make the crypto legal tender. The country's legislature earlier in 2023 passed a law paving the way for a bitcoin-backed bond.

CoinDesk reached out to El Salvador's government for additional clarity.



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Camomile Shumba
Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter

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