Last week in review: Malaysian ministry proposes Bitcoin as legal tender

As crypto prices continue to recover, last week saw a number of positive stories of financial institutions, corporations and government bodies making moves in the space.

The Malaysian Communications and Multimedia Ministry championed Bitcoin and other digital currencies to become legal tender. Goldman Sachs jumped into the deep end as the first major bank to make an over the counter Bitcoin trade and Qualcomm invested $100 million in the metaverse.

There’s never a dull moment in crypto. Here are our top headlines from last week.

What

The Communications and Multimedia Ministry of Malaysia (CMM) has proposed that Bitcoin and other digital currencies should become legal tender

Why

According to the CMM’s deputy minister, this will increase youth participation in crypto

What next

The CMM now awaits a response from government

Read the full story here

Goldman Sachs becomes first major US bank to make over the counter Bitcoin trade

What

Wall Street stalwart Goldman Sachs has become the first major bank in the US to make an over the counter (OTC) Bitcoin trade by buying a Bitcoin-linked investment instrument called a non-deliverable option (NDO) directly from Galaxy, a financial services firm specialising in cryptocurrency

Why

Goldman Sachs explained the trade as an important part of developing its digital assets capabilities and as the evolution of Bitcoin as part of this asset class

What next

Through this trade, the bank is making direct trading in Bitcoin-linked investments possible for investors 

Read the full story here

Chip supplier Qualcomm creates $100 million metaverse investment fund

What

Qualcomm is launching a $100 million investment fund to support companies creating metaverse technology 

Why

The investment fund is designed to broaden the market for its chips

What next

The fund will begin accepting applications in June

Read the full story here

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

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