2019 was a great year for blockchain technology. There were new appliances, new trading, and Bitcoin survived the market. Plus, there was a lot of growth within the market as well. Not to mention, the United States Congress, as well as foreign central banks, have been paying closer attention to the benefits of digital assets and blockchain. That is why there is so much to look forward to in 2020.
China Will Launch CBDC
CBDC stands for Central Bank Digital Currency. China is very active in the market and some of the most prominent exchanges take place in China. The president had announced that this technology is going to be the future and that they plan on being leaders of this technology. China has led a lot of investments into the research of blockchain technology. Just in the past year alone, they have 2.8 billion dollars worth of bonds for their small enterprises. Mywealthandinvestment is a great place to learn more about lifestyle and finance.
Facebook has a payment network known as Libra. This network had a lot of resistance from the regulators in Europe and the United States. This is why it took so long to develop. It is expected that Libra will launch in one area or jurisdiction and have a limited scope. It will also have limited functionality and partners. It will not be the item that was promised, however, it will continue to show signs of improvement over the year.
EFT from Bitcoin Won’t Be Approved
Bitcoin is creating a lot of buzz on whether or not ETF will be approved. SEC has so far rejected several of the filings that have been made. They have been rejected due to the fact of not having enough financial manipulation and surveillance in the underlying marketspace. Another reason this is not approved is because of the chair of the Subcommittee, Brad Sherman, does not like bitcoin or cryptocurrency.
Growth of Open finance and Defi Ecosystem
There are about 290 million that are locked under many different applications that are on the Defi ecosystem. There is going to be an expansion of the market, borrowing applications, and lending applications. This has been growing in 2019 and is expected to continue to grow into 2020.
Ethereum 2.0 Will Progress
The team for this has been more vocal about their progress and updates. This means that there is more confidence behind Ethereum blockchain. Over the past year, this has grown and progressing. It is expected to continue to progress into 2020. The progress has been very good and optimistic and 2020 is going to bring new and better things.
Blockchain technology is expected to continue in its upward motion. 2019 was a great year and 2020 is expected to bring more growth and incline. 2020 is expected to be one of the best years for blockchain technology. There are going to be several advancements and items will continue to grow.