To be precise, the direction of my thoughts are directed towards positive things, not politics because some will give birth to the thought that all of this is the first step in gaining a percentage of votes and so on.

The elimination of this tax is relatively new because previously Nayyib Bukele with his advanced thinking had made various breakthroughs in matters relating to Bitcoin to maintain the comfort of investors investing in El Salvador including gang crackdown efforts with neighbors such as South Mexico and Guatemala and the US to prevent them from escaping.

Maybe we will soon dream of moving to El Salvador.

Anyone, organization, or nation that is undertaking the economic strategies of the current government of El Salvador led by Bukele must be a joker. We have gradually seen viable and systematic policies and policy implementation that is turning the nation into an economic hub. To attract more investors, the free tax policy has been enacted. It takes a business a few years to stabilize and start making profits. Without paying taxes these businesses will have the time to grow without the tax burden.
This policy will also lead to an increase in employment opportunities thereby reducing the rate of unemployment. And when people are gainfully employed, the tendency to go into crime becomes low.

Tax holidays are major ways any government encourage it, citizens, into tapping into the sector where there are tax holidays, in my country, there are no customs duties on Agricultural equipment and this is to help encourage citizens to go into Agriculture since it is a major source of revenue generation after crude oil.

-El Salvador has taken a similar move to encourage its citizen to adopt Bitcoin and other tech activities to help boost their economy.

We see that crypto projects which want to stay in a legal field usually choose very few countries where there is at least some crypto legislation. So El Salvador can attract startups and exchanges in this field being known bitcoin friendly country. Of course carving out a new niche in the economy is risky but is some of startups succeed it can give additional impetus for economy development of not too huge country. Anyway for me bitcoin and innovations sound connotative and I think that not only for me, so I hope some other IT companies will choose El Salvador as well.

News reports on whether or not El Salvador will implement a free tax on technological innovation for cryptocurrencies. This will depend on a careful balance and assessment of potential risks and benefits. There are pros and cons to the idea of ​​a free tax to encourage greater adoption of innovative crypto technologies. but there are many loopholes to tax-free innovation of crypto technology. As in this concept, cryptocurrency is most commonly used by criminals for various illegal purposes and misuse of crypto and various illegal activities for money laundering and other illegal activities. But Nayib Bukele's idea of ​​a free tax on technology innovation for crypto has many advantages. Nayib Bukele for inventing this idea thinks it will encourage space and all kinds of business. and will increase EL Salvador's economic and global standards and lead to prosperity...
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The idea is good, although it may seem that El Salvador will not benefit from this, since the treasury will not receive taxes from this business, but Bukele sees this as a different benefit, it will still bring money into the country and improve the state of the economy as a whole. If we are talking about the fact that many scammers use cryptocurrency for their crimes, then I can say the same about fiat money.

Bukele is a man of ideas and I can imagine how difficult it is for him to promote this idea, but in the end it is the dreamers who are able to change the future. I understand that a person who will not be so loyal to bitcoin can take the place of Bukele, but by then he needs to build a system so that everyone sees the benefits from it, both for tourism and for the economy.

Why do you use this expression:  "El Salvador's president has appointed two US crypto investors to lead it."

Seems pretty lame to be characterizing Max Keiser and Stacy Herbert as two "crypto investors" when we are talking about bitcoin - because that dumb ass "crypto" descriptor is vague and carries baggage... so why say it like that?


Surely it does not take too much creative thinking to be able to realize that taxes are not being completely eliminated, but only reduced or eliminated in various sectors that are being named that relate to bitcoin innovation (and perhaps some related technological innovation in order to have some broader appeals), and so if there is some success (or even a lot of success) in terms of attracting certain businesses (bitcoin related and/or technological related) to come to the country, then there are likely known (or at least hypothesized) snowballing effects that take place in which new business ends up attracting ancillary businesses too.. and so even if their might be some costs that are involved when tax breaks are given to some businesses, whatever those extra costs might be can be made up by the increased tax revenues that would end up coming into the country through ancillary businesses... that is so long as there is some level of success in terms of attracting the businesses and that the businesses are seeing that the practices match the words.. because surely as some members have already mentioned (in this thread) that it can take a bit of time for businesses to develop some confidence that the rule of law is going to hold or that they are not going to end up getting rug pulled, so even if El Salvador is making promises, there could be situations in which the promises do not end up materializing into a sufficient amount of concrete an meaningful follow through.. which then ends up interferring with any kind of development momentum because some BIG name businesses end up either not entering the space or they end up leaving the space.

I was considering how much tax El Salvador will lose from this policy when implemented. The country needed all the income it can get because every sector of its economy is going through a positive resolution. But @Jay just opened up an important advantage of this policy. Bukele's policies on Bitcoin and other ICT facilities have attracted companies like VISA investing about $270 million in three countries which includes El Salvador. MasterCard has the plan to support more than one million, OfficePartners360, Pronto BPO, and Worldwide Call Centers all have large operations in El Salvador.

All these investments will create massive job opportunities and other local businesses will also partner with these international companies which will lead to the transfer of technology and skills.




https://www.bizlatinhub.com/el-salvador-tech-industry-no-taxes-on-software-hardware-and-ai-development/

meanwhile, the president of El salvador is raising over $1 billion to finance his Bitcoin city project.
what a smart move for a developing country.

of course nayib bukele planned all of this very carefully, by building the world's first bitcoin city, making el Salvador a special attraction. especially for bitcoiners, if the project is finished it is possible that many people will come there when the bitcoin city is finished.

a few months ago the bitcoin city design that will be made in el Salvador has also received an award by LOOP design awards in the field of architecture and interior design
reading source: https://blockchainmedia.id/design-kota-bitcoin-el-salvador-diganjar-penghargaan/

with this award it will certainly add to the interest and curiosity of the bitcoin city, hopefully everything goes for its development.
and hopefully bitcoin will continue to grow and become a digital asset/money that has a positive impact on this world.