Crypto Roundup: Liechtenstein pioneers crypto in public services; Mastercard, PayPal, Robinhood deepen crypto involvement

Elon Musk, who acquired Twitter for $44 billion in October 2022, has decided to step down from his post as CEO. Elon Musk has chosen a new CEO of Twitter and plans to step down from the role within about six weeks. Musk ran a poll on Twitter late last year, in which 57.5% of respondents urged him to step down as CEO. Musk then announced his intention to quit.

Apart from that, here are some of the top stories from the crypto industry this week.

Liechtenstein Embraces Bitcoin for Government Services

Liechtenstein has announced its decision to add Bitcoin as a payment option for government services. Citizens will soon be able to utilize Bitcoin to pay for various government-related transactions, ranging from utility bills to taxes.

Liechtenstein is a member of the European Economic Area even though it is not a member of the European Union, hence the EU’s Markets in Crypto-Assets (MiCA) regulation may be applicable to them.

This move is a testament to Liechtenstein’s commitment to embracing digital currencies and marks a significant step forward in the mainstream adoption of Bitcoin.

Mastercard, PayPal, and Robinhood Expand Crypto Involvement

Major financial players, including Mastercard, PayPal, and Robinhood, are ramping up their involvement in the crypto industry. Mastercard has announced plans to offer support for select cryptocurrencies on its network, allowing merchants to accept digital assets directly.

PayPal has also announced its intention to launch a new service that will enable customers to withdraw cryptocurrency holdings to third-party wallets, further empowering users in managing their digital assets.

Meanwhile, Robinhood, a popular trading platform, is working on implementing a cryptocurrency wallet feature for its users. These developments reflect the growing recognition of cryptocurrencies as a legitimate financial asset class.

Kenya Collaborates with Abu Dhabi’s Venom Foundation for Blockchain and Web3 Hub

Kenya has partnered with Abu Dhabi’s Venom Foundation to establish a blockchain and Web3 hub in the country. The collaboration aims to foster the development of blockchain technology and support the growth of decentralized applications (dApps) in Kenya.

The hub will provide a platform for local developers, entrepreneurs, and innovators to connect, collaborate, and leverage blockchain technology for various sectors such as finance, healthcare, and supply chain management.

This initiative is expected to accelerate Kenya’s digital transformation and position it as a regional leader in blockchain adoption.

Alibaba Cloud Launches Metaverse Deployment on Avalanche

Alibaba Cloud, the cloud computing arm of Alibaba Group, has unveiled a launchpad for deploying the metaverse on the Avalanche blockchain.

The platform, known as “Cloudverse,” is intended to act as a one-stop, end-to-end solution enabling companies to quickly customise, launch, and operate their own metaverse space, generating new consumer engagement opportunities.

With this deployment, Alibaba Cloud aims to empower developers and businesses to create metaverse applications and explore the potential of virtual reality, digital assets, and decentralized governance. By leveraging the scalability and low transaction costs of the Avalanche network, Alibaba Cloud seeks to contribute to the growth of the metaverse ecosystem.

New York to Embrace Stablecoins as Payment Method for Bail Bonds

New York, one of the leading financial hubs in the world, is taking a significant step towards embracing crypto. The state has announced its decision to allow stablecoins as a payment method for bail bonds.

Legislators have already proposed legislation that would officially accept various cryptocurrencies as payment for fines, taxes, and other expenses.

The move by New York demonstrates the state’s commitment to exploring the potential of blockchain technology and the broader adoption of crypto assets. As stablecoins continue to gain traction in various industries, their integration into the legal system signifies a significant milestone for the crypto ecosystem.