2019 did not turn out to be the year of bulls as many had expected, but despite that cryptocurrencies and blockchain dominated the world news for their growing influence in various sectors around the globe. Interestingly, it’s not just world power which is seeing a gradual shift from West to East the Eastern world is also dominating the west in terms of crypto and blockchain acceptance and regulation.
Asia is currently leading the blockchain and cryptocurrency race with several countries in the continent looking to either implement friendly regulations or have already made strides. China towards the last quarter of 2019 called for accelerated crypto adoption, while Singapore has become one of the leading choices for fintech firms, as the country provides access to south Asian Markets of over 600 million people.
Singapore’s Payment Services Act which is slated to come into action by January 28th is already being seen as one of the most progressive and comprehensive regulatory frameworks covering blockchain and cryptocurrencies. The act is set to cement Singapore’s position as the hub for the fintech industry.
Central Governments Will Also Venture Into The Decentralized Space
Many central governments who were strictly against regulating crypto use in any form have come around to realize the potential of these digital assets. These governments have also realized that it is next to impossible to put a blanket ban on these cryptocurrencies and thus they are looking to regulate crypto trading.
Many central banks from Asia have also shown a great interest in launching a Central Bank Issued Digital Currency (CBDC) to offer faster cross-border remittance services while still maintaining their financial sovereignty. China is slated to become the first country of the world to launch its national digital currency whose research they started back in 2014 itself.
Many crypto analysts believe that governments around the globe understand the shortcomings in the fiat monetary system and know that it would lead to financial instability. This is the reason not just China but many other nations have started their research and development wing to study digital currencies and also develop a stablecoin pegged by the national fiat system.
While Asian countries are actively working to be at the top of the blockchain game Western nations especially the US and many developed nations of Europe are still not clear about the scope of use of cryptocurrencies in their nation.