El Salvador removes all taxes related to tech innovation for economic growth

El Salvador, the first country to establish Bitcoin (

In the start of 2023, El Salvador passed a legislation providing the legal framework for a Bitcoin-backed bond — known as the Volcano Bond.

#Plenaria90? Con 62 votos a favor, creamos la Ley de Emisión de Activos Digitales. pic.twitter.com/g1poXwLoH3

— Asamblea Legislativa (@AsambleaSV) January 11, 2023

The nomenclature 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.