El Salvador’s president, Nayib Bukele, has enacted a law that eliminates all taxes on technology innovations, software and app programming, AI, computer, and communications hardware manufacturing.

El Salvador's President, Nayib Bukele, has announced the elimination of all taxes on technology and innovation in the country. The announcement comes as part of a broader push to position El Salvador as a hub for innovation and technology in Central America.

The "My First Bitcoin" program, a nonprofit initiative in El Salvador, has raised over 1 BTC in donations from Bitcoin education advocates worldwide through a crowdfunding campaign. The donations were sent over the Lightning Network, a layer-2 solution that costs a fraction of legacy payment services. The crowdfunding campaign was boosted by Bitcoin Beach, a circular community in El Salvador that declared it would match all donations to the project until April 27. The Bitcoin community's support for My First Bitcoin's educational efforts in El Salvador demonstrates the potential of Bitcoin to empower individuals and level the playing field.

An organization linked to the El Salvadoran government has refuted claims that the country's plans to build a Bitcoin City have been scrapped. Critics point to the fact that original proposals stated that work on the project would begin in 2022. Several BTC-related projects have been scaled back or put on hold during crypto winter, including the issuance of BTC bonds.

Mexican-Salvadoran beauty queen and ballet dancer Alejandra Guajardo, who was crowned Miss Universe El Salvador 2022, has actively promoted Bitcoin adoption on social media. She encouraged others to share their knowledge of Bitcoin with women, highlighting its potential for financial freedom and empowerment.

In 2021, El Salvador took the adoption of Bitcoin (BTC) to a higher level by introducing it as a legal tender and thus equating it with the US dollar. Meanwhile, more than a year and a half later, the country has invested many millions in bitcoin for the treasury. Remittances, i.e. money sent by migrants to relatives in the country of origin, in bitcoin or other cryptocurrencies, would have fallen by 17.8% during the first two months of this year relative to 2022.

Remittances in Bitcoin and other cryptocurrencies sent to El Salvador fell 17.8% during the first two months of 2023 compared to 2022, according to recent data published by the country’s Central Reserve Bank (BCR) reported by Agencia EFE.

Bitcoin may be at a nine-month high, but El Salvador’s total holdings are still worth 29% less than what the government paid for the world’s largest digital currency.

The exchange will enable the issuance and trading of innovative tokenized assets such as equities and bonds.

Digital asset exchange “Bitfinex Securities El Salvador” has received a digital asset service provider license under El Salvador's new Digital Assets Issuance Law, which was passed by El Salvador's National Congress in January 2023, with the goal of fostering increased financial innovation and growth in the Central American country.