Changpeng Zhao, the CEO of Chinese exchange Binance, is of the opinion that 2020 will see more governments embracing both cryptocurrency and blockchain, Aakash Athawasya reported on AMBCrypto..
In the latest “Community Predictions for 2020,” by Global Coin Research, CZ, as the Binance founder is commonly known, was asked his “adoption expectations,” and he pointed right to the top. Not the mysterious bitcoin creator Satoshi Nakamoto, but governments.
He stated, “There is a growing amount of governments across the globe examining blockchain and cryptocurrencies, including stablecoins, as well as self-regulated and global regulatory standards, which indicate more widespread public adoption.”
Several governments are increasingly coming to terms with the idea of digital currencies, albeit from a stablecoin perspective. In July, China revealed to the world that a digital yuan had been in the works for over a year, and began accelerating its development as private-sector stablecoin competitors began to face increased regulatory scrutiny.
On the other side of the globe, the idea of the digital euro was mulled over by the new president of the European Central Bank (ECB). Recently, the ECB released a report analyzing the importance of anonymity and private transactions should such a central bank digital currency be implemented. Other countries have also suggested tying their fiat to a digital currency, allowing use both at the wholesale and retail level.
Ever the optimist, CZ added that governments will try and test “different experiments” throughout the next year, which will have a positive impact on crypto adoption.
He stated, “I think in 2020, we will see different experiments tried by many different governments around the globe for adoption. Some will work, some may not, but overall, they will have a tremendously positive effect for crypto adoption.”
With cryptocurrencies attracting attention, blockchains will see various use cases emerge. According to the Binance CEO, however, distributed ledger technology will have a greater impact on the internet.
Once the collective crypto-blockchain industry grows in size, the price of individual coins will swell, he said, adding that there are strong indications that investors will enjoy a “more bullish market in 2020.”