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El Salvador President Proposes Bill To Eliminate Taxes On Technology Innovations
El Salvador’s President, Najib Bukele, has announced his intention to introduce a bill to the country’s Congress that aims to eliminate all taxes on software and hardware innovations.
In a tweet on Wednesday, Bukele said that the bill would exempt technology innovations such as software programming, coding, apps, AI development, computing, and communication hardware manufacturing from all taxes, including income tax, property tax, capital gains tax, and import tariffs.
@azcoinnews
The announcement comes as part of Bukele’s efforts to promote technological innovation in El Salvador, which has already taken significant steps in this direction. In June 2021, El Salvador became the first country in the world to make Bitcoin legal tender, with Bukele stating that it would help to promote financial inclusion and provide opportunities for the country’s unbanked population.
Since then, El Salvador has shown various policies to utilize Bitcoin, including plans to build a “Bitcoin City” powered by geothermal energy and the launch of a government-backed Bitcoin wallet called Chivo. Bukele’s new tax exemption bill for technological innovation is another step towards positioning El Salvador as a hub for innovation and technology in the region.
The details of the bill, including whether crypto assets such as Bitcoin will be included, have not yet been revealed. However, the announcement is likely to be welcomed by tech entrepreneurs and investors, who will now have more incentive to invest in El Salvador and contribute to the country’s economic growth.
The move could also attract the attention of other countries looking to promote technological innovation and create a more favorable environment for businesses in the tech industry. Bukele’s government has shown a willingness to experiment with new and innovative policies, and the tax exemption bill for technological innovation is another example of this approach.
In conclusion, President Bukele’s announcement of a tax exemption bill for technological innovation is a positive development for El Salvador’s tech industry. If passed, the bill would help to attract more investment and promote the country’s position as a hub for innovation and technology in the region. With El Salvador already leading the way in making Bitcoin legal tender, this latest move shows the country’s commitment to embracing new and innovative ideas.
#Elsalvador #Bukele #Bitcoin #BTC #azcoinnews
This article was republished from azcoinnews.com
In a tweet on Wednesday, Bukele said that the bill would exempt technology innovations such as software programming, coding, apps, AI development, computing, and communication hardware manufacturing from all taxes, including income tax, property tax, capital gains tax, and import tariffs.
@azcoinnews
The announcement comes as part of Bukele’s efforts to promote technological innovation in El Salvador, which has already taken significant steps in this direction. In June 2021, El Salvador became the first country in the world to make Bitcoin legal tender, with Bukele stating that it would help to promote financial inclusion and provide opportunities for the country’s unbanked population.
Since then, El Salvador has shown various policies to utilize Bitcoin, including plans to build a “Bitcoin City” powered by geothermal energy and the launch of a government-backed Bitcoin wallet called Chivo. Bukele’s new tax exemption bill for technological innovation is another step towards positioning El Salvador as a hub for innovation and technology in the region.
The details of the bill, including whether crypto assets such as Bitcoin will be included, have not yet been revealed. However, the announcement is likely to be welcomed by tech entrepreneurs and investors, who will now have more incentive to invest in El Salvador and contribute to the country’s economic growth.
The move could also attract the attention of other countries looking to promote technological innovation and create a more favorable environment for businesses in the tech industry. Bukele’s government has shown a willingness to experiment with new and innovative policies, and the tax exemption bill for technological innovation is another example of this approach.
In conclusion, President Bukele’s announcement of a tax exemption bill for technological innovation is a positive development for El Salvador’s tech industry. If passed, the bill would help to attract more investment and promote the country’s position as a hub for innovation and technology in the region. With El Salvador already leading the way in making Bitcoin legal tender, this latest move shows the country’s commitment to embracing new and innovative ideas.
#Elsalvador #Bukele #Bitcoin #BTC #azcoinnews
This article was republished from azcoinnews.com
#Bukele is asked to undo investments in #bitcoin and send funds to poorer Salvadorans.
Economist Rafael Lemus said that due to the increase in gasoline and the consequent inflation, Bukele should redirect the funds invested in bitcoin.
#Binance #crypto2023 #BTC
Economist Rafael Lemus said that due to the increase in gasoline and the consequent inflation, Bukele should redirect the funds invested in bitcoin.
#Binance #crypto2023 #BTC
- **El Salvador's Bond Market Rebound**: El #Salvador's bond market has experienced a significant rebound, with its dollar bond return rate soaring to 70%, making it the top-performing bond in emerging markets.
- **Interest from #Financial Institutions**: Major financial institutions like JPMorgan Chase & Co., Eaton Vance, and PGIM Fixed Income have shown interest in El Salvador's bonds, either through hints or direct purchases. This signals their confidence in the bonds' ongoing positive trajectory.
- **Bitcoin's #Introduction and Impact**: President Nayib Bukele declared Bitcoin as the official currency of El Salvador in 2021 and introduced Bitcoin Volcano Bonds. These bonds have faced limited adoption, and this move led to some major companies downgrading El Salvador's bond market due to perceived vulnerabilities.
- **Mitigation of Concerns**: President Bukele addressed bond market concerns by implementing two debt buybacks, enlisting a former International Monetary Fund (IMF) advisor, and successfully repaying $800 million in bonds. These actions helped restore confidence in the bond market.
- **Bond #Market Transformation**: Despite initial hesitations and downgrades, El Salvador's bond market has undergone a transformation, marked by the successful measures taken by President #Bukele to address concerns and enhance the market's stability. This has resulted in a substantial rebound and increased investor interest.
$BTC $ETH $BNB
- **Interest from #Financial Institutions**: Major financial institutions like JPMorgan Chase & Co., Eaton Vance, and PGIM Fixed Income have shown interest in El Salvador's bonds, either through hints or direct purchases. This signals their confidence in the bonds' ongoing positive trajectory.
- **Bitcoin's #Introduction and Impact**: President Nayib Bukele declared Bitcoin as the official currency of El Salvador in 2021 and introduced Bitcoin Volcano Bonds. These bonds have faced limited adoption, and this move led to some major companies downgrading El Salvador's bond market due to perceived vulnerabilities.
- **Mitigation of Concerns**: President Bukele addressed bond market concerns by implementing two debt buybacks, enlisting a former International Monetary Fund (IMF) advisor, and successfully repaying $800 million in bonds. These actions helped restore confidence in the bond market.
- **Bond #Market Transformation**: Despite initial hesitations and downgrades, El Salvador's bond market has undergone a transformation, marked by the successful measures taken by President #Bukele to address concerns and enhance the market's stability. This has resulted in a substantial rebound and increased investor interest.
$BTC $ETH $BNB
El Salvador's Bukele re-elected: Bitcoin-friendly president secures another term. #ElSalvador #Bukele #Bitcoin
#SamsonMow suggests #Bukele to wait for "better conditions" to issue #Bitcoin bonds.
The businessman admitted that the markets are going through a difficult time and believes that "it would be good" for the government of #ElSalvador to wait.
#BTC
The businessman admitted that the markets are going through a difficult time and believes that "it would be good" for the government of #ElSalvador to wait.
#BTC
🎉 Breaking news alert! 🚀 The Government of El Salvador has just made a groundbreaking move by introducing Bitcoin education into the curriculum of public schools! 🇸🇻💡 Starting next year, over 5,000 educational centers across the country's public network will embrace #Bitcoin education, ushering in a new era of financial literacy and technological innovation. 💰📚 This initiative aims to equip students with a fundamental understanding of $BTC , economics, and cutting-edge technologies, empowering them to navigate the digital landscape with confidence and knowledge. 🌟💻 Let's celebrate this monumental step towards financial inclusion and education! 🎉📈 #Bitcoin #Education #ElSalvador #Bukele 🚀📚
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El Salvador’s #Bitcoin treasury is now $85M in profit amid $BTC rally
El Salvador's Bitcoin reserve has surged past the $200 million mark, signaling significant returns on President Nayib Bukele's strategic investment approach. With recent rallies in Bitcoin's value, the nation's crypto treasury has reaped substantial profits, boasting a remarkable 70% gain on its dollar-cost average purchase price.
According to data from the Nayib Tracker website, El Salvador's crypto treasury is now in the green with an impressive $85 million profit. This financial milestone coincided with Bitcoin's new all-time high, surpassing $72,000 on March 11.
El Salvador embarked on its Bitcoin acquisition journey in September 2021 when it adopted the #cryptocurrency as legal tender. Initially purchasing 200 coins at a price of $51,769 each, the nation's investment strategy faced scrutiny amidst Bitcoin's subsequent price fluctuations. Following a market downturn that saw Bitcoin plummet to as low as $16,000, concerns arose regarding the viability of Bukele's approach.
However, the tide turned as Bitcoin prices rebounded, surpassing the dollar-cost average threshold of $42,600 in February & propelling El Salvador's portfolio into profitable territory. Presently holding 2,861 BTC, the entire portfolio boasts a valuation of $207.3 million.
President #Bukele highlighted additional sources of Bitcoin revenue, including proceeds from the country's passport program, conversion of BTC to USD for local businesses, income from BTC #Mining , & revenue generated from government services.
El Salvador offers expedited citizenship to Bitcoin donors, aiming to boost adoption. It launched a Bitcoin mining pool with Volcano Energy & Luxor Technology, reinforcing its crypto integration. Speculation suggests it could use Bitcoin gains to repay IMF loans, hinted by venture capitalist Tim Draper. President Bukele's re-election victory in February highlights public support, though he's criticized negative media coverage during Bitcoin market downturns.
Source - cointelegraph.com
#BinanceSquareBTC
El Salvador's Bitcoin reserve has surged past the $200 million mark, signaling significant returns on President Nayib Bukele's strategic investment approach. With recent rallies in Bitcoin's value, the nation's crypto treasury has reaped substantial profits, boasting a remarkable 70% gain on its dollar-cost average purchase price.
According to data from the Nayib Tracker website, El Salvador's crypto treasury is now in the green with an impressive $85 million profit. This financial milestone coincided with Bitcoin's new all-time high, surpassing $72,000 on March 11.
El Salvador embarked on its Bitcoin acquisition journey in September 2021 when it adopted the #cryptocurrency as legal tender. Initially purchasing 200 coins at a price of $51,769 each, the nation's investment strategy faced scrutiny amidst Bitcoin's subsequent price fluctuations. Following a market downturn that saw Bitcoin plummet to as low as $16,000, concerns arose regarding the viability of Bukele's approach.
However, the tide turned as Bitcoin prices rebounded, surpassing the dollar-cost average threshold of $42,600 in February & propelling El Salvador's portfolio into profitable territory. Presently holding 2,861 BTC, the entire portfolio boasts a valuation of $207.3 million.
President #Bukele highlighted additional sources of Bitcoin revenue, including proceeds from the country's passport program, conversion of BTC to USD for local businesses, income from BTC #Mining , & revenue generated from government services.
El Salvador offers expedited citizenship to Bitcoin donors, aiming to boost adoption. It launched a Bitcoin mining pool with Volcano Energy & Luxor Technology, reinforcing its crypto integration. Speculation suggests it could use Bitcoin gains to repay IMF loans, hinted by venture capitalist Tim Draper. President Bukele's re-election victory in February highlights public support, though he's criticized negative media coverage during Bitcoin market downturns.
Source - cointelegraph.com
#BinanceSquareBTC
🎉 Breaking news alert! 🚀 The Government of El Salvador has just made a groundbreaking move by introducing Bitcoin education into the curriculum of public schools! 🇸🇻💡 Starting next year, over 5,000 educational centers across the country's public network will embrace #Bitcoin education, ushering in a new era of financial literacy and technological innovation. 💰📚 This initiative aims to equip students with a fundamental understanding of $BTC , economics, and cutting-edge technologies, empowering them to navigate the digital landscape with confidence and knowledge. 🌟💻 Let's celebrate this monumental step towards financial inclusion and education! 🎉📈 #Bitcoin #Education #ElSalvador #Bukele 🚀📚
Follow | Like ❤️ | Quote 🔄 | Comment
Follow | Like ❤️ | Quote 🔄 | Comment
Nayib Bukele laughed at criticism about Bitcoin. 😂🇸🇻
In the rhythmic world of cryptocurrency, El Salvador's President Nayib Bukele has orchestrated a captivating performance, blending humor, controversy, and ambitious crypto endeavors.
Click here and Claim Reward 🙂 💸
El Salvador, the first to adopt Bitcoin in 2021, faces profit and scrutiny. Bukele humorously responds to Senator Menendez's criticism amid Menendez's own legal troubles in the US.
Bukele highlighted legal woes for Bitcoin critic Menendez in a post, featuring a laughing emoji. Menendez and wife face 18-count indictment, accused of conspiracy, obstructing justice, and disguising bribes as loans linked to house mortgage and Mercedes-Benz payment.
In 2022, El Salvador faced challenges with Bitcoin during a bear market. Bukele blamed mainstream media for negativity, claiming Bitcoin adoption could have offset losses. Despite hurdles, the country reported a 53% profit increase in Bitcoin holdings during a surge to a new all-time high.
Bukele, despite global attention and skepticism, stands firm on his pro-Bitcoin stance. Plans for his second term involve integrating Bitcoin into the financial market, launching "Volcano bonds" for mining, and establishing a tax-free zone called "Bitcoin City."
IMF concerns over El Salvador's Bitcoin policy persist, but Bukele advances with the Volcano Bond gaining regulatory approval, a key move in integrating Bitcoin into capital markets.
President Nayib Bukele's humor amidst adversity and strong support for Bitcoin shape El Salvador's economic landscape, drawing global attention and sparking both praise and concern. The ongoing cryptocurrency drama in the country is a bold experiment, leaving a lasting impact on the world's financial innovation stage.
#NayibBukele #ElSalvador #BTC #Nayib #Bukele
In the rhythmic world of cryptocurrency, El Salvador's President Nayib Bukele has orchestrated a captivating performance, blending humor, controversy, and ambitious crypto endeavors.
Click here and Claim Reward 🙂 💸
El Salvador, the first to adopt Bitcoin in 2021, faces profit and scrutiny. Bukele humorously responds to Senator Menendez's criticism amid Menendez's own legal troubles in the US.
Bukele highlighted legal woes for Bitcoin critic Menendez in a post, featuring a laughing emoji. Menendez and wife face 18-count indictment, accused of conspiracy, obstructing justice, and disguising bribes as loans linked to house mortgage and Mercedes-Benz payment.
In 2022, El Salvador faced challenges with Bitcoin during a bear market. Bukele blamed mainstream media for negativity, claiming Bitcoin adoption could have offset losses. Despite hurdles, the country reported a 53% profit increase in Bitcoin holdings during a surge to a new all-time high.
Bukele, despite global attention and skepticism, stands firm on his pro-Bitcoin stance. Plans for his second term involve integrating Bitcoin into the financial market, launching "Volcano bonds" for mining, and establishing a tax-free zone called "Bitcoin City."
IMF concerns over El Salvador's Bitcoin policy persist, but Bukele advances with the Volcano Bond gaining regulatory approval, a key move in integrating Bitcoin into capital markets.
President Nayib Bukele's humor amidst adversity and strong support for Bitcoin shape El Salvador's economic landscape, drawing global attention and sparking both praise and concern. The ongoing cryptocurrency drama in the country is a bold experiment, leaving a lasting impact on the world's financial innovation stage.
#NayibBukele #ElSalvador #BTC #Nayib #Bukele
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Nayib Bukele laughed at criticism about Bitcoin. 😂🇸🇻
In the rhythmic world of cryptocurrency, El Salvador's President Nayib Bukele has orchestrated a captivating performance, blending humor, controversy, and ambitious crypto endeavors.
El Salvador, the first to adopt Bitcoin in 2021, faces profit and scrutiny. Bukele humorously responds to Senator Menendez's criticism amid Menendez's own legal troubles in the US.
Bukele highlighted legal woes for Bitcoin critic Menendez in a post, featuring a laughing emoji. Menendez and wife face 18-count indictment, accused of conspiracy, obstructing justice, and disguising bribes as loans linked to house mortgage and Mercedes-Benz payment.
In 2022, El Salvador faced challenges with Bitcoin during a bear market. Bukele blamed mainstream media for negativity, claiming Bitcoin adoption could have offset losses. Despite hurdles, the country reported a 53% profit increase in Bitcoin holdings during a surge to a new all-time high.
Bukele, despite global attention and skepticism, stands firm on his pro-Bitcoin stance. Plans for his second term involve integrating Bitcoin into the financial market, launching "Volcano bonds" for mining, and establishing a tax-free zone called "Bitcoin City."
IMF concerns over El Salvador's Bitcoin policy persist, but Bukele advances with the Volcano Bond gaining regulatory approval, a key move in integrating Bitcoin into capital markets.
President Nayib Bukele's humor amidst adversity and strong support for Bitcoin shape El Salvador's economic landscape, drawing global attention and sparking both praise and concern. The ongoing cryptocurrency drama in the country is a bold experiment, leaving a lasting impact on the world's financial innovation stage.
#NayibBukele #ElSalvador #BTC #Nayib #Bukele
In the rhythmic world of cryptocurrency, El Salvador's President Nayib Bukele has orchestrated a captivating performance, blending humor, controversy, and ambitious crypto endeavors.
El Salvador, the first to adopt Bitcoin in 2021, faces profit and scrutiny. Bukele humorously responds to Senator Menendez's criticism amid Menendez's own legal troubles in the US.
Bukele highlighted legal woes for Bitcoin critic Menendez in a post, featuring a laughing emoji. Menendez and wife face 18-count indictment, accused of conspiracy, obstructing justice, and disguising bribes as loans linked to house mortgage and Mercedes-Benz payment.
In 2022, El Salvador faced challenges with Bitcoin during a bear market. Bukele blamed mainstream media for negativity, claiming Bitcoin adoption could have offset losses. Despite hurdles, the country reported a 53% profit increase in Bitcoin holdings during a surge to a new all-time high.
Bukele, despite global attention and skepticism, stands firm on his pro-Bitcoin stance. Plans for his second term involve integrating Bitcoin into the financial market, launching "Volcano bonds" for mining, and establishing a tax-free zone called "Bitcoin City."
IMF concerns over El Salvador's Bitcoin policy persist, but Bukele advances with the Volcano Bond gaining regulatory approval, a key move in integrating Bitcoin into capital markets.
President Nayib Bukele's humor amidst adversity and strong support for Bitcoin shape El Salvador's economic landscape, drawing global attention and sparking both praise and concern. The ongoing cryptocurrency drama in the country is a bold experiment, leaving a lasting impact on the world's financial innovation stage.
#NayibBukele #ElSalvador #BTC #Nayib #Bukele
Breaking: The Government of El Salvador has taken a significant step by including education about Bitcoin in the curriculum of public schools. Starting next year, over 5,000 educational centers in the country's public network will welcome #Bitcoin education. The initiative aims to provide students with a basic understanding of $BTC , economics, and new technologies. #Bitcoin #Education #ElSalvador #Bukele
