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Dec 12, 2019
As the year draws to a close, many will look back at 2019 as being rather uneventful in the crypto space.
Save a couple of bullish breakouts, some sordid exit scams, and large players entering the space, not a lot has happened.
After all, this was meant to be the year of the institutions (and the trillions of institutional dollars flooding into the industry). Yet, the institutions are still very much at the gates.
There are other developments afoot, however, and some distinct crypto trends that will likely dominate the outlook for 2020 are starting to reveal themselves.
Coin Rivet asked some crypto experts to find out what they believe lies ahead for the coming year.
Perhaps the main theme that came up when asking about crypto trends for 2020 was increased regulation. Lead developer of open cryptocurrency platform Obyte Tarmo Annus commented:
“There will be more regulated exchanges and more countries with clearer regulations. Many unregulated exchanges will probably close their doors and appear as a new exchange under a new name, but their influence will not be the same as Binance had in 2017.”
Evgen Verzun, founder of decentralised blockchain cloud service HyperSphere.ai, echoed his words, saying: “Regulators might introduce some new ways to regulate crypto in the US.
“Such big projects like Libra or TON are going to start global crypto adoption next year, and if the US government won’t let them engage users in the USA, the adoption will start in more crypto-friendly countries, like Singapore.”
Means nothing without clear cut regulation telling us what we can do and can't. While country's like China made #blockchain a priority we still stuck in regulations SMH#cryptocurrency #crypto #XRP #Vechain https://t.co/9AHirAzrpb— CryptoLuis (@Cryptonycluis) December 11, 2019
Mitesh Shah, founder and CEO of Omnia Markets cryptocurrency analytics, stated: “One of the major crypto trends for 2020 is the implementation of regulatory legislation around the world – what I would call a regulatory boom.
“While many countries have already implemented some form of regulation around cryptocurrencies, certain countries, such as the United States, are still debating what regulations are needed and how to best move forward.”
Finally, Jimmy Nguyen, president of the Bitcoin Association and Bitcoin SV champion, concluded: “There will be more government and regulatory oversight of the cryptocurrency industry – which is a necessary step for cryptocurrency to grow into global adoption.”
He also believes that there will be a decline in “anonymity” and dark coins. “It’s become clear those will not survive as the crypto industry matures with legal compliance,” he said.
He said: “Having initially rubbished the potential of cryptocurrencies, central banks across the globe are now engaging in their own internal research… these digital currencies could reduce friction and unlock capital in these massively inefficient financial systems.”
He also added: “Venezuela’s Petro coin made global news but probably not for the right reasons, and certainly not for the benefit of its citizens. China is further down the path to a digital currency with a stream of new legislation and clear bureaucratic commitment. But it’s countries like Sweden (e-Krona) and Uruguay (e-Peso) that may end up being first to launch a credible national cryptocurrency.”
#Uruguay’s Central Bank announces six-month pilot plan for the issuance and use of digital currency.— Dr. Ruth Goodwin-Groen (@RuthGoodwinG) November 20, 2017
Bank’s head was careful to remind it “is not a #cryptocurrency such as #bitcoins but “a currency that remains the responsibility of the BCU."https://t.co/ncOBQJqDWJ @BTCTN pic.twitter.com/jaJYPdVzfZ
Steve Good, co-host of The Coin Chat podcast and author of Be Left Behind, said: “This new ‘space-race’ taking place will see governments trying to be the first to market with their own stablecoins whilst also determining how to both regulate as well as encourage business and commerce to progress.”