El Salvador President Introduces Bill Eliminating Taxes for Tech Innovation
El Salvador’s President Nayib Bukele sent the Law for the Promotion of Innovation and Manufacturing of Technologies bill to Congress on Friday, eliminating income, property, capital gains, and import tariff taxes on technology innovation, computing, and communications hardware manufacturing. As the first country to adopt Bitcoin as a legal tender, the Bitcoin Association of El Salvador continues to try and position the country as an innovation hub.
Activision Blizzard President Daniel Alegre Joins Yuga Labs as CEO
Activision Blizzard’s former President and COO, Daniel Alegre, has officially become Yuga Labs’ CEO, the blockchain technology company behind Bored Ape Yacht Club, CryptoPunks, Otherside, and other prominent non-fungible token (NFT) projects. Yuga Labs developed its impressive portfolio of NFT projects under outgoing CEO Nicole Muniz, who will remain a strategic adviser and partner. Alegre’s appointment was announced in December 2022, with Yuga Labs confident that his gaming expertise will help advance the company’s ambitions for an immersive Web3 world. Having raised $450 million in March 2022 at a $4 billion valuation, Yuga Labs looks to continue providing its passionate community of NFT holders with long-term utility, surprise airdrops, and full NFT intellectual property rights for commercial uses.
Silk Road Bitcoin Auction: US Government to Sell Remaining 41,500 Bitcoin This Year
The United States government has been busy selling off Bitcoin seized from the notorious dark web marketplace Silk Road. A recent court filing revealed that more than 9,800 Bitcoin, worth approximately $215 million, have already been liquidated. However, 41,500 Bitcoin, valued at around $1.2 billion, remain to be sold off in four batches throughout this year. The sale follows the seizure of assets from James Zhong, who pleaded guilty to hacking Silk Road in 2012 and stealing over 50,000 Bitcoin. Members in the crypto community understand these upcoming sales will create elevated selling pressure; Tron Founder Justin Sun tweeted his willingness to purchase the remaining Bitcoin at a 10% discount to “minimize the potential impact on the market.”