Last week in review: Bitcoin hashrate hits all-time high

While the markets continue to falter amid geopolitical uncertainty, last week saw a number of exciting adoption stories from across the globe. Colorado gives its residents the ability to pay taxes in crypto, China reveals the popularity of its digital currency during the Winter Olympics, and the United Arab Emirates prepares itself for crypto.

It all happened last week. Here are our picks of the biggest stories to come from it.

Bitcoin hashrate hits new all-time high

What

Despite relatively quiet markets, Bitcoin’s hashrate reaches an all-time high

Why

Bitcoin’s hashrate made it’s biggest jump of the year, from 188.40 exahashes per second (EH/s) to 248.11 EH/s

What next

While the hashrate hasn’t been sustained, Bitcoin’s network is as secure as it has ever been

Read the full story here

Colorado to let residents pay taxes in cryptocurrency

What 

In an interview with CNBC earlier this week, Jared Polis, Governor of Colorado, said the state aims to accept crypto for all state tax-related purposes by mid-2022  

Why 

Governor Polis has been a long-time advocate of crypto, having accepted donations in Bitcoin to his campaign and led the drive to position Colorado as the home for blockchain innovation 

What next

The state plans to convert incoming crypto into dollars to limit exposure to price volatility 

Read the full story here

China’s digital currency is making $300k a day during Olympics, PBOC states

What

China’s digital currency, the e-CNY, is being used to make two million yuan ($315,761) or more of payments a day in its latest pilot at the Beijing Winter Olympics

Why

The data was provided during a webinar hosted by the Atlantic Council, which marks a significant contribution since the Chinese CBDC was first launched in April 2020

What next

No breakdown has yet been made on the share of transactions being made by Chinese nationals and international attendees

Read the full story here

UAE prepares for crypto

What

The United Arab Emirates is set to issue federal licenses for virtual asset service providers

Why

As institutional adoption surges across the globe, Middle Eastern states like the UAE could look into amending their crypto policies

What next

Virtual asset service providers will be able to set up shop by the end of Q1 2022

Read the full story here

To catch up on other big stories to come from last week, be sure to check out these headlines

The ABCs of CBDCs

A simple guide to Bitcoin market indicators

Is cryptocurrency sport’s new GOAT?

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