OTC’s Weekly Retrospect 25/04–29/04/2022

Every Friday we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

Major news stories this week;

1. Central African Republic Adopts Bitcoin as Legal Tender
2. Fidelity to allow Retirement Savings Allocation to Bitcoin in 401(k) Accounts
3. Sustainable Energy Consumption for Bitcoin Mining Grows by almost 60% in a Year
4. Kraken gets Abu Dhabi Nod to Offer full Services in MENA
5. UAE Real Estate Giant To Accept Bitcoin, Ethereum As Payment For Posh Abodes

Short Summaries;

1. Confirming rumours that had been around for a few days, the Central African Republic has become the second nation in the world to adopt bitcoin (BTC) as legal tender. According to a statement from President Faustin Archange Touadera’s office, the National Assembly passed, and he signed, a bill drafted by the minister of digital economy, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo.
2. Fidelity Investments will allow investors to add a bitcoin account to their 401(k) retirement savings and investment plans, the Wall Street Journal reported on Tuesday. The 23,000 companies that use Fidelity to administer their retirement plans will have the option to add bitcoin to their plans later this year, according to the WSJ.
3. The Bitcoin Mining Council (BMC) is a group of 44 Bitcoin mining companies that claim to represent 50% of the global Bitcoin network, or 100.9 exahash (EH). The BMC estimates that the global mining industry’s sustainable electricity mix for the largest cryptocurrencies is now 58.4%. This is a decrease of 0.1% compared to the previous quarter. However, it is a significant growth from the 36.8% renewable energy estimated in the first quarter of 2021.
4. The Abu Dhabi Global Market (ADGM) Monday said it granted a full license to the global cryptocurrency exchange, allowing it to service customers across the Middle East and North Africa region. The license from the Financial Services Regulatory Authority (FSRA) of ADGM allows Kraken to provide virtual asset trading and custodial services in the local currency, the agency said on Monday.
5. Damac Properties, a prominent real estate developer based in Dubai, United Arab Emirates, announced Wednesday that it would begin taking Bitcoin and Ether payments for its luxury properties. Damac stated that enabling the acquisition of premier real estate via bitcoin and other cryptocurrencies will transform the future of global property development.

Aaaand that’s you up to date with another busy week of Bitcoin and virtual asset news! Happy Friday and Eid Mubarak for next week!