Asia is leading the way in the cryptocurrency industry, with clearer legislation and competition between central banks to create digital currencies. The trend is set to continue in 2020 as Western nations are engulfed by their own bureaucracy.
The cryptocurrency industry is barely a decade old. But it has come a long way since Bitcoin was mined by computer nerds in their garages on gaming rigs. Eastern nations are now striving to become centers of cryptocurrencies and blockchain. While the US is in real danger of being left behind.
Industry Leaders on Cryptocurrency In Asia
A number of leading blockchain industry figures have voiced their views on the Asian scene. Forward-looking countries such as Singapore have emerged as a top choice for fintech companies to reach approximately 600 million people fragmented Southeast Asian markets.
The Payment Services Act, which has been described as the most extensive regulatory framework for cryptocurrency and blockchain businesses in the world to date, is set to take effect on January 28th. It will cement the position of the island nation as a true hub of industry. And open the doors to further investment and innovation.
Liu Tianwei, CEO of Xfers, stated that 2020 marks the beginning of asset maturing crypto assets. Blockchain innovation and development will continue to attract clear regulatory frameworks in the ASEAN region. CoinGecko co-founder Bobby Ong notes that the Chinese government’s pushing blockchain at all levels will also boost technological advancement across Asia.
Etherscan founder Matthew Tan sees a big future for the region’s decentralized finance. Adding that DeFi developments will continue well into the year. Multi-chain networks will see more development and BTC’s halving this year will bring more uncertainty and lead price swings. BitGo CTO Ben Chan announced that a backdrop of global uncertainty would lead governments to digital currencies (CBDCs) with central banks join the room.
Asian Central Banks Streets Ahead
China is already leading this race and will possibly be the first nation to launch a CBDC with five years of research and development already under its digital belt. A new law regulating cryptographic password management. Which aims to reduce China’s cyber vulnerabilities on a national scale, came into effect on January 1st.
Reports suggest the new legislation paves the way for its cryptocurrency yuan to be released. An official release last week announced that with the development of its state-backed cryptocurrency. The People’s Bank of China is’ progressing smoothly. China is not alone, Japanese and South Korean central banks have also conducted preliminary research on their respective CBDC’s.
While things are progressing at a snail’s pace back in the West as US authorities appear to slow down on their classification. Currently, the industry’s strong leaders are all in Asia and that trend is set to continue this year and beyond.
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