In the past decade, crypto has become a relatively recognizable term. Until now, participating in the crypto market was optional. However, the next decade might be the decade it becomes impossible to avoid crypto.
When BTC was created, it emerged at a time just after the financial crisis. Its main appeal was that it was a currency that was not controlled by banks and governments, which had corrupted the financial system. However, in the years since then, BTC has become more of a trade-able asset than a currency.
Currently, there are various digital currencies, such as Libra, which are attempting to oust the US dollar as the global currency. The lofty goals of Libra have not earned it much praise amongst financial regulators. While Libra’s goals are noble, it will not likely pan out the way it plans.
First, many people do not trust Facebook after the election manipulation fiasco that embroiled Facebook. Besides that, there is a lack of clarity around Libra, which has made many US regulators uncomfortable. For instance, it is not clear how Facebook would implement KYC and anti-money laundering rules, which vary a great deal internationally.
Another digital currency that is geared for imminent launch is the Chinese digital currency. Various governments globally are already trying to knock back the dominance of the USD in global trade. Nations such as Venezuela and North Korea have fully embraced crypto as a viable alternative to the dollar.
However, none of these other projects holds as much weight as the Chinese digital currency. China’s goal is not simply evading US sanctions, like Venezuela. Its goal is to displace the USD as the dominant currency in global trade.
China has been looking into a digital currency as far back as 2014 and all signs are that it will launch a digital currency in 2020. The nation will begin with a few tests and if everything works out, they will launch the currency.
If China is successful, most other nations bordering it and those in its sphere of influence will also likely adopt a digital currency. With the SE Asia region accounting for over half of humanity, crypto will be hard to ignore in this decade.