🔴Institutions Adopt Bitcoin | This Week in Crypto – May 2, 2022
Fidelity offers Bitcoin for retirement accounts, a second country makes Bitcoin legal tender and the first dogecoin is sent without using the internet. These stories and more this week in crypto.
Fidelity Allows BTC on Retirement Plans
One of the largest asset managers in the world, Fidelity Investments will allow investors to add Bitcoin to their retirement plans. The company revealed that MicroStrategy will be its first customer for the new product, where employees could put up to 20% of their 401(k) balance into digital asset accounts. Fidelity overall administers plans for more than 20 million participants.
A Second Country Makes Bitcoin Legal Tender
Less than a year after El Salvador adopted Bitcoin as legal tender, the Central African Republic has become the second country to do so. A new bill makes Bitcoin legal tender alongside the local CFA franc. The president’s office is quoted as saying “This move places the Central African Republic on the map of the world’s boldest and most visionary countries.”
First Bitcoin-Backed Loan by Goldman Sachs
Goldman Sachs has made its first bitcoin-backed loan on Wall Street in a major step forward for institutional cryptocurrency adoption. The global investment bank allowed an individual borrower to use bitcoin as collateral for a cash loan. A Goldman spokesperson highlighted that the deal was particularly interesting because of its structure and 24-hour risk management.
Telegram to Support Crypto Payments
The TON Foundation, a decentralized blockchain, has added a new crypto payments bot to the messaging app Telegram that lets more than 550 million users send the cryptocurrency Toncoin via chat. The TON Foundation was formed by members of the blockchain community who wanted to keep Telegram’s crypto efforts alive after Telegram abandoned it after battling with the SEC.
PayPal Moves Further Into Crypto
During PayPal’s quarterly earnings call, CEO Dan Schulman, said that crypto wallets will play a key role in the digital payment firm’s future growth as more than 50% of the PayPal base already uses the company’s digital wallet. Schulman said that PayPal needs to double down on the digital wallet as that is where the future of the industry is going.
Panama Passes Crypto-Friendly Bill
Lawmakers in Panama approved a bill to regulate the use of crypto. The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies. The Central American country aims to become a hub of innovation and technology in Latin America.
Buenos Aires to Accept Crypto Payments for Taxes
Buenos Aires, the capital of Argentina, is planning to allow its citizens to pay taxes with cryptocurrency. The initiative is part of a digitization push called “Buenos Aires+”, with which the city plans to broaden its citizens’ access to documents and government services using distributed ledger technology.
Dogecoin Transaction Sent Via Radio Signal
The first dogecoin transaction via radio transmission was sent with help from Elon Musk’s global Starlink satellite network. Dogecoin developers say Radio Doge will enable access to dogecoin for people outside the reach of the internet. Amateur radio equipment and portable antennas have previously enabled people to push Bitcoin transactions without internet access.
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That’s what’s happened this week in crypto, see you next week.