El Salvador’s President has taken a major step towards establishing the country as a global hub for the cryptocurrency industry.
The move involves the elimination of all taxes on technology companies, as announced by Nayib Bukele, the leader of the nation that made Bitcoin an official means of payment.
This decision is expected to encourage the growth of the IT sector and attract more startups to El Salvador, particularly those involved in programming, coding, AI development, and computer and communication equipment production.
Bukele has revealed plans to introduce a bill to Congress that would abolish all taxes on income, property, capital gains, and import duties related to technological innovation.
The government aims to provide development incentives that will promote the growth of a thriving tech ecosystem, which will, in turn, fuel economic growth for both the country and participants in the crypto industry.
The positive impact of this approach is already evident, as Bukele reported a 95% growth in El Salvador’s tourism sector thanks to the legalization of Bitcoin.
This development marks a significant milestone in the country’s journey towards becoming a world leader in the crypto industry.