What 2020 will hold for Cryptocurrency and Blockchain World?
By Peter Jack on The Capital
2019 was a transformative year for blockchain and cryptocurrency world. Many new cryptocurrencies and tokens were launched for trading. The famous cryptocurrencies such as Bitcoin and Ethereum etc. all survived the bear market and are still occupying the top positions in the market. Other digital assets also saw growth and expanded in the cryptosphere.
It will be very exciting to watch what 2020 is holding for cryptocurrency and blockchain world. In the previous year, the blockchain industry brought many practical use cases and advancements. Many countries and central banks have accepted and some are paying close attention to the advantages of digital currencies and blockchain technology. Startups and multinationals alike are implementing blockchain in their business operations with the features of transparency and security that it provides.
With all these sustainable and practical uses of blockchain as well as of cryptocurrencies, they have achieved recognition and legitimation of the government and financial institutions in multiple countries across the globe. Cryptos have also seen increased engagements with government and central banks. But these are the achievements of blockchain and cryptocurrencies in 2019. So, in this article, we will look into what 2020 holds for blockchain and cryptocurrencies.
Blockchain and Cryptocurrencies in 2020
Many countries and central banks around the world are now paying attention to the possible uses of blockchain and digital currencies. One of the main reasons that triggered this craze among people and government was the launch of Libra, Facebook’s cryptocurrency.
Central Bank of France, Banque de France, said in an announcement that it will start testing its own Digital Currency in 2020. This announcement was made by François Villeroy de Galhau, bank’s governor. He said that payments are now turning towards new technologies so they are planning to establish their own Central Bank Digital Currency (CBDC). This will be similar to payment solutions that are offered by private companies such as Facebook.
They will create a new division of the Central Bank that will concentrate on payment innovations through digital currencies. Central Bank of France will be starting the test of its own digital asset as soon as possible this year. Earlier to France, People’s Bank of China has also been working on its own cryptocurrency and may start its testing in the coming months.
In the previous point, we learnt that France will launch its own cryptocurrency. One another change that might take place is that more than 25,000 major retail stores will start accepting Bitcoin as a payment option. These stores will be the sales point of around 30 retailers which will include brands such as Sephora and Decathlon. Some other brands have also signed in this initiative are Foot Locker, Intersport, World House, and Cultura.
This report was given by French Crypto News. This crypto payment system will be launched in partnership with Global POS technology provider, EazyWallet application and Easy2Pay payments platform. What’s interesting in this payment is that at the moment of sale, the amount will automatically be converted to Euros from BTC.
COSO (Committee Of Sponsoring Organization of Treadway Commission) is planning to release Blockchain guidance for businesses and companies interested in the technology. COSO helps in fighting corporate fraud. It is now working on providing guidance about blockchain to companies that are planning to adopt blockchain technology. So, it is expected that the guidance will be released in the first few months.
The guidance will mainly target the financial services’ executives that are willing to use blockchain to improve their supply chain. COSO’s advice helps the organizations to frame up internal controls and manage an enterprise’s big risks.
Ethereum’s 2.0 has now reached its final stage of testing with the launch of public multi-client test-nest. The team leading to the development of clients and components have given attention to the feedback received from the community. Ethereum is giving constant updates on the developments taking place. This has created trust in the Ethereum blockchain. A partial launch of Ethereum 2.0 can be seen in this year.
Crypto derivatives have significantly increased in quantity and accessibility. Earlier, there were not many crypto exchanges offering them for trading. But now many of them allow their investors and traders to trade in futures and also huge capital digital currencies. This development in 2020 will make the digital asset market more competitive as more crypto exchanges will enter the market.
Hence, in the end, it can be said that 2020 is going to an important and exciting year for the blockchain and digital asset market. Many new changes and development can be seen and experienced in the crypto world. All this progress has the potential of making huge developments and making the digital asset and blockchain world more productive.