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Crypto News, May 17: Do Kwon’s Got a New Proposal, Portugal to Tax Crypto

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6 months ago

Do Kwon published part two of his revival plan for Terra, which will go to a vote tomorrow. Portugal leaves crypto bulls feeling rugged after it announced that crypto taxes are coming.

Crypto News, May 17: Do Kwon’s Got a New Proposal, Portugal to Tax Crypto

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Portugal to Tax Crypto in the Future 😤

Portugal could turn from a crypto tax haven to an “also-ran” in the future after the country’s finance minister announced plans to tax crypto. Although Portugal rapidly grew in popularity in the industry thanks to its lack of regulation, the country could impose a tax as high as 28% on capital gains from cryptocurrencies. Further taxes on income and transactions are also up for discussion. However, local insiders don’t expect those plans to come into fruition in the next two years.

Second Terra Revival Plan Proposes Hard Fork, Vote Tomorrow 🗳

Do Kwon followed up his “revival plan” with a second part that puts a hard fork to a community vote. The community will vote on a split between Terra Classic and Terra. The new Terra chain would be fully community-owned and an airdrop would happen based on snapshots before the UST implosion and at the end of May. Doubts remain whether this plan would really be the best solution for retail users.

China Puts Itself Back on the Bitcoin Mining Map 📈

China is back to being the second-biggest hub for Bitcoin mining globally. According to Cambridge data, its hash rate is second only to that of the U.S., despite Bitcoin mining being officially banned in the summer of 2021. Kazakhstan, Russia and Canada are other major mining hubs.

ECB Member Lobbies For Digital Euro, Could Come in 2026 💶

An executive board member of the European Central Bank lobbied for a digital euro in a keynote speech in Dublin. Fabian Panetta said that a digital euro could raise Europe’s strategic autonomy and that public money is the safest form of money. According to the ECB’s current roadmap, a CBDC could come in 2026.

Twitch Co-Founder Raises $24M for Web3 Gaming Firm Metatheory 🕹

Twitch co-founder Kevin Lin raised $24 million for his Web3 gaming firm Metatheory, which is developing the sci-fi game DuskBreakers. The round was led by Andreessen Horowitz with participation from several major crypto VC funds. Investors across the board were full of praise for Lin and his team. DuskBreakers is to be released later in 2022.
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