Nayib Bukele working on a bill to eliminate the tax system from the tech innovations in the country.
El Salvador is a popular country for the crypto sector, as its president Nayib Bukele introduced the Bitcoin bill & adopted Bitcoin as a legal tender in the country. Since September 2021, El Salvador’s citizens are open to using Bitcoin as a currency, along with the US dollar. This country is also buying Bitcoin to keep in the country’s treasury, just like gold reserves.
On 24 March 2023, El Salvador president Nayib Bukele took to Twitter to inform his followers that he is supporting a bill and soon will send that bill to Congress.
The newly proposed bill aims to eliminate taxes from the technology innovations, such as software programming, coding, apps, and AI development.
Here, Bukele failed to mention Bitcoin & Bitcoin-related innovations but many reports claimed that the Bitcoin, crypto & blockchain sector will also fall under this bill and surely it will bring several benefits for the crypto sector to evolve in El Salvador, if this bill gets passed.
Binance CEO Changpeng Zhao (CZ) quoted Bukele’s tweet and confirmed that Binance exchange is also working to enhance the presence of the Binance exchange with building of a Customer Support Centre in the country.
CZ also confirmed that 60 people are already working in its El Salvador-based customer support staff, since 2022.
For Bitcoin adoption, the El Salvador government faced huge criticism from local & outsider financial experts. In particular, the International Monetary Fund (IMF) many times warned this country and suggested that the Bitcoin legal tender law should be reversed.
Read also: Binance suspends crypto trading temporarily