Bukele’s ongoing efforts to reinvent El Salvador include promoting tourism, countering terrorism and building regional business hubs.
Highlights
- El Salvador, the first country to establish Bitcoin (BTC) as a legal tender, has decided to eliminate all taxes on technology innovations.
- The move runs parallel to establishing the National Bitcoin Office (ONBTC) of El Salvador.
- President Nayib Bukele saw the technology as a means to counter hyperinflation and dependence on the U.S.
- dollar.
- At the start of 2023, El Salvador passed legislation providing the legal framework for Bitcoin-backed bonds — Volcano Bonds.
- The terminology of the Volcano Bonds is derived from Bitcoin City’s location, which is set to become a renewable crypto-mining hub powered by hydrothermal energy from the nearby Conchagua volcano.
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“Nobody will Get Rich Investing In Bitcoin Ever Again,” Crypto Analyst Sparks Debate