Crypto News Recap: UAE, KSA CBDC Progress Ranks Among Top 10 Globally

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As CBDCs and stablecoins have proven mettle in the times of crisis, PwC’s report came to confirm that. Overall, it’s safe to say that crypto is better than fiat in terms of effectiveness, cost, cross-border transactions, and availability 24/7/365.

It’s no secret that NFTs continue to be the go-to buzzword, as this time, Starbuck is brewing a new NFT project. Also, the crypto puppet master, Elon Musk, opens investors’ appetite to bitcoin. All of this and more, you know the drill… we’ve got you covered! Here’s a quick rundown of all the important Bitcoin and cryptocurrency news stories from the past week.

UAE, KSA CBDC Progress Set Among Top 10 Globally

Both UAE and KSA were ranked among the top ten countries in the PWC’s 2022 Central Bank Digital Currency ( CBDC) Index and stablecoin overview report which measures Central Bank’s progress and level of maturity in deploying its own CBDC project.

According to the report, 80% of Central Banks are mulling the issuance of a CBDC or already launched one, with at least 68 banks publicly disclosed about their trials. As the public use of cash has dropped tremendously in 2021, PwC estimates that the market capitalization of stablecoin hit $190 billion this year.

Thailand ranked first, followed by Hong Kong, Singapore, Canada, France, South Africa, the United Arab Emirates, Japan, Saudi Arabia, and Switzerland.

It’s worth mentioning that UAE and KSA have launched a joint CBDC called Aber to enable cross-border payments between the two countries.

Starbucks Joins NFT Bandwagon

Coffee giant, Starbucks, announced its intention to join the NFT party, CEO Howard Schultz stated during a Partner Open Forum.

More details will be released soon.

Musk Buys Stakes in Twitter, Crypto Prices Soar

Musk is known for unpredictable twists and turns when it comes to crypto. As dubious tweeting spree from him subsequently pump nascent bets that might drag the whole market to the ground. This time, the techno king of Tesla has bought a 9.2% stake in Twitter, which made him the largest stakeholder of the social media giant.. Following this news, the BTC price jumped 20%, but then the price took a much more bearish tint. 

The word on the street is that Musk is joining Twitter to add more crypto and blockchain-based features to the platform which is already latching onto the rising interest of non-fungible tokens (NFTs) with new features.

Meta Reportedly to Launch “Zuck Bucks”

According to the Guardian, Mark Zuckerberg is working on virtual currency for Facebook and Instagram users, dubbed “Zuck bucks” by Meta staff.

 Facebook’s parent company, is working on a variety of virtual products, including as digital tokens and “creator coins,” in order to diversify revenue and re-energize its user base, which is increasingly flocking to upstart competitors like TikTok and Reddit. 

Binance Gets The Green Light to Operate in Abu Dhabi

The largest crypto exchange by transaction volume, Binance, has gotten an approval from the Abu Dhabi Global Market to offer its virtual asset services in the UAE.

Recently, Binance received its pertaining license from Bahrain regulators as well as Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority (VARA). Dhaher bin Dhaher, chief executive of the Registration Authority at Abu Dhabi Global Market, said:

“ADGM is the largest regulated jurisdiction of virtual assets in the Mena region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers,” .