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BCH $640.01 (0.13%)
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Crypto Mass Adoption Pushes Regulators to Implement CBDCs

Crypto Mass Adoption Pushes Regulators to Implement CBDCs
  • Crypto mass adoption shows significant growth than expected.
  • Many countries around the world are now developing their own central bank digital currencies (CBDC).

The continued developments of the cryptocurrency space sparks significant growth in crypto mass adoption than expected. These developments include the evolution of blockchain technology from version 1.0 and 2.0 to 3.0.

The advancement of cryptocurrency and its blockchain technology over the years provides seamless use cases. As a result, more people are empowered to do things like instantly transferring funds across borders and many more.

This made the Circle CEO Jeremy Allaire react in his speech at the Singapore Fintech Festival. He specifically said:

Third-generation blockchain technology would see digital currency in the hands of hundreds of millions, if not billions of users.

On the other hand, the CEO of Facebook’s Libra Association, Stuart Levey, was also present at the event. He explained that upon his experience working with regulators, the government believes that digital assets must be regulated to avoid abuse and other illicit activities. “Central bank digital currencies, or CBDCs, are not a threat to cryptocurrency projects and private organizations should work to harmonize with government initiatives,” he explained.

Moreover, CBDC is not a new word in the crypto space. In fact, there are other countries that are now developing their own central bank digital currencies. In Australia,the Reserve Bank of Australia (RBA) is now all ears in the development of their own CBDC. More so, the completion of CBDCs in different countries enables the mass adoption of cryptocurrency to be on the right path.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.