CoinSmart Crypto Recap March 30, 2023

crypto recap

Welcome to the CoinSmart crypto recap. Let’s look at the hottest stories that came up this past week. Here is an overview:

  • El Salvador becoming the new tech hub
  • Terra founder arrested.

El Salvador tech hub

El Salvador’s President, Nayib Bukele, has announced plans to present a bill to the country’s Congress next week to abolish all taxes on technology innovation, artificial intelligence (AI) development, computing, and communications hardware manufacturing. In a tweet on March 24, Bukele declared his intentions by stating that the tax exemption would include income, property, capital gains, and import tariffs on technology innovations such as coding, software programming, AI development, as well as computing and communications hardware manufacturing. He said:

“Next week, I’ll be sending a bill to congress to eliminate all taxes (income, property, capital gains, and import tariffs) on technology innovations, such as software programming, coding, apps, and AI development; as well as computing and communications hardware manufacturing.”

This initiative is part of the Bukele administration’s broader efforts to modernize the country’s economy and reduce its reliance on traditional industries like agriculture and manufacturing. The government has invested in infrastructure, education, and entrepreneurship programs to promote innovation and digitalization across various sectors. If the bill is approved, it could make El Salvador an attractive destination for tech companies and startups looking to establish a presence in Central America.

Terra founder arrested

Do Kwon, the founder of Terraform Labs, has been arrested in Montenegro, according to a tweet by the country’s Minister of Interior, Filip Adzic. 

“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs,” Adzic tweeted.

Kwon has been the target of several investigations and was even on Interpol’s red notice after stablecoin terraUSD (UST) and its $40 billion ecosystem imploded last year, sending shockwaves across the crypto markets.

Do Kwon was detained at the Podgorica airport with falsified documents, Adzic added, saying he was still awaiting official confirmation of identity. However, the Korean National Police Agency has confirmed the suspect as Kwon based on the age, name, and nationality of his ID card.

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