The Innovation and technology manufacturing incentives act has been officially approved by President Bukele in El Salvador. On May 4, president Bukele shared a tweet stating that the law eliminates taxes on technological advancements such as software coding and hardware production.

El Salvador achieved a groundbreaking milestone by designating Bitcoin as an official currency. Furthermore, the government has recently announced its decision to eliminate taxes on Technological Advancements in conjunction with the formation of the National Bitcoin office. It aims to establish global tech and economic powerhouse for long-term growth and development in El Salvador.