Cointime

Cointime

Download App
iOS & Android

El Salvador Signs Bill to Eliminate All Taxes on Technology Innovations, AI, App Programming

Cointime Official

May 5 (Cointime) - Nayib Bukele, the President of El Salvador, announced on May 4th that he has enacted a law that eliminates taxes on "technology innovations, software and app programming, AI, computer and communications hardware manufacturing."

El Salvador has been a pioneering nation. In September 2011, it became the world's first country to officially recognize bitcoin as legal tender, along with the US dollar. Subsequently, the country has amassed thousands of BTC and continues to purchase bitcoin regularly for its Treasury.

El Salvador’s new tax law is welcomed by many on social media. Twitter user @IAmRyanWells described:

"This new law will undoubtedly boost the technology industry, attracting local and foreign investors. This will create more job opportunities and promote economic growth in El Salvador. Congratulations on a bold move towards a more innovative future."

Venture capitalist Balaji Srinivasan commented on Twitter:

“It’s not about first world and third world anymore. It’s about ascending world and descending world. And under @nayibbukele’s leadership, El Salvador has entered the ascending world.”

Dr. Rafael Fonseca, director for Innovation and Transformational Relationships at Mayo Clinic’s campus in Arizona, tweeted:

If you are not paying attention to what is going in El Salvador you should. The sound of business moving there will be loud.

El Salvador
Comments

All Comments

Recommended for you

  • BlackRock BUIDL reaches $375 million, surpassing Franklin Templeton to become the largest tokenized Treasury fund

    CoinDesk, on-chain data shows that BlackRock's BUIDL fund grew by $70 million last week, bringing its total size to $375 million, surpassing Franklin Templeton to become the largest tokenized government bond fund.

  • Backed raises $9.5 million in funding round led by Gnosis for tokenization of real-world assets

    Backed, a Switzerland-based tokenized asset issuer, has raised $9.5 million in a funding round led by Gnosis. The company aims to speed up its private tokenization offering and onboard asset managers to blockchain rails with the investment. Tokenization of real-world assets is becoming increasingly popular, with the market for RWAs predicted to reach $10 trillion by the end of the decade. Backed has already issued over $50 million worth of tokenized RWAs, including ERC-20 compatible token versions of exchange-traded funds and individual stocks like Coinbase and Tesla.

  • London-based X10 raises $6.5M to expand hybrid crypto exchange operations

    London-based hybrid crypto exchange company X10 has raised $6.5m in funding from investors including Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber fund, as well as executives from Revolut and the founder of Lido, Konstantin Lomashuk. The funds will be used to expand operations and development efforts. X10 offers a hybrid model that combines the centralized exchange experience with the benefits of DeFi, including on-chain trade settlement, validation, and self-custody. The exchange also provides a customizable web interface, advanced market and portfolio analytics, and premier on- and off-ramping options provided through trusted global partners.

  • Hong Kong Monetary Authority: Crypto assets (especially stablecoins) are one of the key work priorities in 2024

    Hong Kong Monetary Authority (HKMA) official website released the "2023 Annual Report", which includes the financial statements of foreign exchange funds and its "2023 Sustainable Development Report". The 2024 work focus and outlook section of the annual report includes encrypted assets (especially stablecoins), and the HKMA pointed out that public consultations on regulating stablecoin issuers will be conducted from December 2023 to February 2024. The HKMA will work with the government to promote relevant legislative work and will continue to communicate with different stakeholders in formulating and implementing relevant regulatory regimes, as well as paying attention to market developments and relevant international discussions. At the same time, the HKMA will implement a stablecoin "sandbox" arrangement to promote exchanges of views with the industry on proposed regulatory regimes and requirements, and to enhance the stability, cryptographic assets, and financial innovation of non-bank financial intermediaries. The HKMA will focus on virtual asset-related products and will refer to the latest market developments and revisions to international standards in the relevant processes. To promote sustainable and responsible development of the virtual asset industry, the HKMA will continue to work with the government and other regulatory agencies to ensure the establishment of a robust, comprehensive, and balanced regulatory framework for the virtual asset industry.

  • BONKKILLER is a Pixiu scam, and has withdrawn more than 3,000 SOL liquidity

    SolanaFloor disclosed on X platform that Meme coin BONKKILLER on Solana chain is a honeypot scam, and after freezing the token sales of users, the project party has withdrawn liquidity of over 3000 SOL.

  • Crypto accounting firm H&T completes $10 million in financing

    Harris and Trotter Digital Assets (H&T), a crypto accounting firm that provides comprehensive services to approximately 500 native cryptocurrency clients, has completed a $10 million financing round with Orbs leading and Re7 Capital and Kingsway Capital participating.

  • Liquid staking protocol MilkyWay raises $5 million in funding

    The mobile pledge agreement MilkyWay raised $5 million in seed round financing led by Binance Labs and Polychain Capital. Other investors in this round of financing include Hack VC, Crypto.com Capital, and LongHash Ventures.

  • Cointime精选 ·

    The Goldilocks consensus problem

    Imagine that you wanted to build a sufficiently decentralized Twitter — a social network in which no single person or company is in control. How would you build something like that?

    The Goldilocks consensus problem

  • LayerZero Ecosystem Full-Chain NFT Protocol Holograph Completes $3 Million New Round of Financing

    LayerZero's full-chain NFT protocol Holograph has announced the completion of a new strategic financing round of $3 million, led by Mechanism Capital and Selini Capital, with participation from Northrock Capital, Arca, Courtside Ventures, and Hartmann Capital from Hal Press. The total amount of financing for the project has reached $11 million. Holograph's full-chain technology allows for the creation of NFT assets that can be used on multiple Ethereum-compatible blockchains. The new funds aim to accelerate its expansion into the growing blockchain gaming market, with a focus on supporting Ethereum-compatible network tokens, including Optimism, Arbitrum, Avalanche, BNB Chain, Base, Mantle, Zora, and Linea.

  • Hong Kong spot Bitcoin and Ethereum ETFs have a half-day trading volume of more than $6.3 million after listing

    According to data from the Hong Kong Stock Exchange, six new Bitcoin and Ethereum exchange-traded funds (ETFs) traded approximately HKD 49.4 million (approximately USD 6.3 million) on the first trading day of the week on Tuesday. In contrast, when 11 spot Bitcoin ETFs began trading in the United States in January of this year, their first day's trading volume reached approximately USD 4.6 billion.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company