Blockchain is going to enter a key year in 2020, a time frame that might determine not only the present situation of cryptocurrency but blockchain and the very concept of decentralization. Same trends will continue like gradual advancement of blockchain technology, intense crypto market volatility, and the evolving decentralization environment and culture.
According to World Economic Forum blockchain technology will only succeed if there is adequate governance and a collaborative approach. Collaborative approach from the public sector as key for progress in 2020. As a good sign The Forum mentioned that there is evidence seen in reality that a growing desire on the part of organizations in the public sector to share information and challenges. An example is forums Central Banks Digital Currency project(CBDC), which has brought together more than 45 Central Banks to explore parameters for successful deployment of a CBDC. CBDC Policymaker Toolkit, co-created with over 45 Central Banks, will launch in Davos at Annual Meeting.
From regulation perspective, national government are embracing block chain technology. Developed countries such as the United States and China are taking a rational approach in applying tech to different departments, and smaller countries such as Malta and the Virgin Islands have started to look to crypt as a means of strengthening and expanding their local economies.
New cryptocurrency regulations popping up around the world. One of the main pieces of legislation was the Cryptocurrency Act 2020, a new bill being proposed in the United States. According to Yahoo finance the purpose of the new legislation is to provide more clarity on the regulations on digital assets. The bill has some wide ranging legislation that if passed into law, could reshape the crypto environment in the US.
The Chinese government is moving towards a pro-blockchain and crypto stance. With new mining legislation, state news channels praising Bitcoin, and Chinese President Xi Jinping announced in October government support for blockchain technology, it is clear that China is moving forward.
As modern society transitions into a global digital economy, blockchain represents a vital tool for the transforming to digital space for developed and developing economies.