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El Salvador to advance pro-Bitcoin agenda following Bukele’s win

El Salvador to advance pro-Bitcoin agenda following Bukele’s win

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President Nayib Bukele has secured another 5-year term leading El Salvador according to exit polls, garnering over 85% of votes cast. His administration pioneered Bitcoin’s recognition as a legal tender in 2021.

Ethereum Name Service (ENS) has partnered with GoDaddy, the world’s largest domain name registrar, to allow users to link their traditional domain names (e.g., .com, .net) to blockchain-based ENS addresses. Users can now connect their .com or other standard domains to an ENS-compatible crypto wallet with no additional costs or technical expertise required.

The former Chief Financial Officer of Terraform Labs, Han Chang-joon, has been extradited from Montenegro to South Korea to face criminal charges. Han was arrested last March along with Terra co-founder Do Kwon for traveling on falsified documents.

Today’s Newsletter

  • Terra’s former CFO faces life imprisonment for financial crimes
  • GoDaddy and Ethereum Name Service team up to offer free domain usage in ENS
  • El Salvador to advance pro-Bitcoin agenda following Bukele’s win

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BITCOIN

El Salvador to advance pro-Bitcoin agenda following Bukele’s win

Bukele intends to issue Bitcoin-backed “volcano bonds” to finance renewable geothermal energy for BTC mining, pending approval. His vision is for crypto and related projects to elevate El Salvador’s prosperity and autonomy.

Regionally, El Salvador is a bellwether for crypto development and regulation among Latin American states. Bukele’s early advocacy conferred a first-mover advantage in mainstream adoption. But complications like spiking BTC transaction costs have emerged recently. However, risks around volatility and global financial integration linger. Additionally, Bukele exhibits authoritarian qualities that merit monitoring amid his high approval. [cryptobriefing]

ETHEREUM

GoDaddy and Ethereum Name Service team up to offer free domain usage in ENS

While previous partnerships to blend DNS with blockchain naming protocols faced barriers like high transaction fees, this collaboration implements new smart contracts for gasless, cost-free domain-to-ENS linking. The GoDaddy collaboration builds on ENS’s long-running vision to complement, rather than fully replace, existing internet infrastructure.

ENS emerged in 2017 as a blockchain-based alternative to DNS, allowing human-readable names to be assigned to long cryptographic addresses on Ethereum. It has steadily built integrations with traditional naming systems, including adding support for standard .box domains last year that function much like regular internet domains. [cryptobriefing]

POLICY

Terra’s former CFO faces life imprisonment for financial crimes

While Han Chang-joon has been sent to South Korea, the fate of Do Kwon remains uncertain. Kwon is still in custody in Montenegro as authorities decide whether to extradite him to South Korea or the United States. Both countries have requested Kwon be transferred to face criminal proceedings related to the collapse of Terraform Labs and its TerraUSD and Luna tokens in 2022, which caused $40 billion in investor losses. An appeals court previously canceled Kwon’s approval of extradition.

His extradition comes after serving a 4-month prison sentence in Montenegro. Han faces charges in South Korea related to financial fraud that could result in a life sentence. Like Han, Kwon could potentially face a long prison sentence if extradited and convicted. The SEC has also filed civil charges against Terraform Labs and Kwon in the US. [cryptobriefing]

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