Crypto News Recap: Dubai introduces new Metaverse Strategy

Last week was somewhat volatile yet overall a positive week for crypto markets, as the rising prices are boosting the overall sentiment of those traders who hurried back into the market at the first hint of price rising. 

In this week’s Crypto News Recap, Dubai plans to become a Metaverse hub and launch an ambitious plan which can attract 5,000 blockchain and metaverse companies to UAE by 2027. Thanks to a new partnership, UAE residents will shortly be able to trade virtual assets in AED by using their local bank account. While Epic Games Snub Minecraft NFT Ban. On less optimistic news, the Q2 Report of Tesla shows $936m $BTC Sold. 

Without further delay, let’s spill the beans of last week’s news!

Metaverse is about to contribute $4 billion To Dubai’s economy

The Crown Prince of Dubai Sheikh Hamdan has recently revealed a master plan that aims to expand the number of blockchain and metaverse enterprises in Dubai from 1,000 to 5,000 in just five years. By 2030, the Dubai Metaverse Strategy seeks to increase the metaverse sector’s contribution to the emirate’s economy to $4 billion. 

The Dubai Metaverse Strategy was unveiled earlier this month by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai. The aim is to increase the emirate’s contribution by offering $4 billion to the metaverse by 2030.

Mojang Studios banned Minecraft NFT Integrations

This week, Minecraft producers Mojang Studios prohibited non fungible token (NFT) integrations in their well-known flagship game. The corporation has stated its concerns about NFTs being associated with price speculation, exclusion, and rug pulls

The company stated that Blockchain technologies are not permitted to be incorporated inside their client and server applications to ensure a safe and inclusive experience for Minecraft users. Crypto-skeptic gamers have urged Epic Games, the developer of Fortnite to follow suit, but the firm has made it clear that they “absolutely will not ” enforce a similar prohibition.

Tesla sells 75% of Bitcoin Holdings in Q2

According to some recent financial reports released last Wednesday, Tesla liquidated most of its Bitcoin (BTC) assets in the second quarter.

Just a few months ago, in January, Tesla became one of the world’s largest corporate Bitcoin holders after acquiring $1.5 billion in BTC. The transaction was disclosed in a filing with the Securities and Exchange Commission, a month later in February. Tesla initially decided to accept BTC payments at that time, however, those plans were later terminated due to concerns about the high energy consumption of bitcoin.

According to financial statements, the net bitcoin holdings of Tesla remained fairly stable for 3 consecutive quarters. As of the end of March, Tesla had $1.261 billion in digital assets. However, after liquidation, the firm presently acquires close to a $218 million exposure to digital assets.

Kraken partners up with RAKBank to introduce UAE’s First AED-Denominated Virtual Asset Trading

The National Bank of Ras Al Khaimah (RAKBANK) and Kraken MENA (Kraken), one of the world’s biggest digital asset exchanges, has declared that citizens of UAE will shortly be able to trade virtual assets in AED by using their regional bank accounts as RAKBANK and Kraken are committed to providing “Simply Better” banking and innovation. 

Cryptocurrency investors who are currently staying in the UAE have to use banks or other third-party providers outside the country to fund their trades. According to Kraken, this frequently results in high foreign exchange rates and fees, and longer lead times subjecting them to overseas jurisdiction asset governance. 

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