2019 was a great year for blockchain and cryptocurrency but 2020 is expected to be even better. As new use cases emerge and the technology is picked up and adapted by even more big names, unprecedented growth is most definitely on the agenda for the next 12 months.
New crypto products, a bear market for Bitcoin, and the maturing of blockchain protocols is paving the way for governments, central banks, and leaders in their field to get on board with this dynamic and revolutionary technology.
Here are just some of the most hotly anticipated events in the world of blockchain and crypto for the next 12 months;
Facebook Libra will launch
Despite a number of hiccups since Facebook announced the launch of its own, native cryptocurrency- Libra, it seems like plans to roll it out this year will still go ahead. The digital currency, backed to real assets and pegged to the US Dollar, Euro, Yen, Sterling and Singapore dollar, will enable Facebook users to make purchases both inside and outside of Facebook in real-time. It is expected to launch in a handful of jurisdictions this year but with limited scope and functionality due to concerns from EU and US regulators.
Bitcoin ETFs will still not be approved
Many have tried and failed to get the SEC to recognise Bitcoin ETFs and this seems unlikely to change over the next year. Countless experts and analysts have predicted that resistance will continue due to fears over volatility and the risk of price manipulations. A Bitcoin ETF would do wonders for crypto’s credibility, but it seems that 2020 is not going to be the year for it.
Stablecoins will go from strength to strength
Stablecoins are digital currencies that are pegged to the value of fiat currency such as the dollar or euro. This is a concept that has gained a lot of traction in recent years and we can expect to see this trend continue over the coming months. Stablecoins will be widely adopted and stable-coin projects from JP Morgan and Fnality will go live.
More blockchain businesses will launch
Continued growth and confidence in the sector will lead to more and more blockchain entrepreneurs taking the first step. As more jurisdictions regulate in favour of blockchain business and offer fiscal incentives to those choosing to set up shop there, the number of those capitalising on blockchains potential will increase during 2020.
China will create its own cryptocurrency
The Chinese authorities are moving closer towards introducing the world’s first government-backed cryptocurrency. Head of the People’s Bank of China Li Wei said that commercial banks in the country should be willing to explore blockchain technology as it’s the backbone of crypto.
Regulators will follow the lead of Wyoming
The US State of Wyoming has created a regulatory framework that splits digital assets into three categories. Deeming them as intangible personal property, it makes a clear difference between virtual currencies and digital securities and is expected to influence regulators both on a state-wide basis and internationally.
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