Crypto News Recap: Saudi Central Bank researches CBDCs

Published January 29th, 2023 - 07:31 GMT
Crypto News Recap: NFT market in UAE on the rise, Tesla maintains bitcoin, Saudi Central Bank researches CBDC!
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ALBAWABA - This week in Crypto News Recap, Tesla maintains Bitcoin despite market turmoil, Saudi Central Bank studies CBDCs but has no launch yet, Sam Bankman-Fried's team seeks access to FTX funds, and UAE's crypto and NFT markets are booming as the NFT market in UAE is projected to grow 45.5 percent annually.

The UAE is becoming a global hub for NFTs and a desirable destination for business in the industry.

Tesla Weathers Crypto Storm, Hods on to Bitcoin in Q4 Amid Market Turbulence

Despite selling off 75 percent of its holdings in the second quarter of 2022, Tesla refused to offload any more Bitcoin during the latter half of the year despite market turmoil.

The company's Q4 results, released on Jan. 25, showed that it neither bought nor sold any of its Bitcoin for the second quarter in a row. Despite market fluctuations, Tesla's financials indicate that it holds $184 million in digital assets as of Dec. 31, down from its $218 million in holdings from the previous quarter due to $34 million of impairment charges as the price of Bitcoin declined between the end of September and December.

Saudi Central Bank's CBDC Study Continues, No Deployment Decision Made Yet

The Saudi Central Bank (SAMA) is increasing its research into central bank digital currencies (CBDCs) but has yet to announce any deployment plans. In a recent statement, the bank confirmed that it is currently in the process of working on a phase of a project that focuses on domestic wholesale CBDC use cases in collaboration with local banks and fintech. However, they also confirmed that there had been no final decision made to launch a digital currency in the country at this time.

FTX Funds in Sight: Bankman-Fried makes a move to access them

Sam Bankman-Fried's legal team is trying to lift a restriction that prevents him from accessing funds in FTX, according to court filings. The team is of the opinion that he should have access to assets held by FTX, claiming that he was not involved in previous unauthorized transactions. FTX and FTX U.S. are seeking over $659 million in unauthorized transfers in the aftermath of the cryptocurrency exchange's collapse in November 2022. Bankman-Fried denies any involvement in the transactions.

UAE's NFT Market Soaring with a Projected 45% Growth Annually

The NFT market in the UAE is projected to grow 45.5 percent annually, reaching $982.1 million in 2022, according to a report. The market is expected to continue expanding at a 32.1 percent CAGR from 2022-2028, with NFT spend value in the country rising to $4.75 billion by 2028. The increasing adoption of new technology and the entry of more entrepreneurs, businesses, and celebrities into the industry drives this growth. The UAE is also becoming a global NFT hub, known as a desirable destination for doing business.

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