Annual inventory: the mainstream of the crypto industry in 2019

Author Liang CHE

Source: Tweet bitpush.news

No industry like the crypto industry is so eager to be recognized by the mainstream. Pushing BitpushNews to take stock of events that imply that the crypto industry is gradually entering the mainstream in 2019.

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Enter the vision of multinational leaders

No one is more capable of letting the mainstream public quickly understand the blockchain and crypto industries than the top leader of a country, let alone the top leaders of China and the United States.

China's top leader emphasized on October 24 that the integrated application of blockchain technology plays an important role in new technological innovations and industrial changes.

In July, US President Trump, known as "Tweet the Country," tweeted multiple cryptocurrencies such as Bitcoin, which was the first time he mentioned cryptocurrencies since he was elected president. He claims to be "not a fan of cryptocurrencies" and said that cryptocurrencies are "not currencies" and "unregulated cryptoassets can promote illegal behavior, including drug transactions and other illegal activities."

Trump also met with social media giant Facebook CEO Mark Zuckerberg in September to discuss the regulation of his crypto project, Libra.

Among other countries, some countries subject to economic sanctions are eager to get out of trouble with cryptocurrencies.

Venezuelan President Nicolas Maduro promoted on several occasions this year and ordered support for Petro, a cryptocurrency supported by the country's oil reserve, which was launched in February 2018 to attract foreign investment and avoid US government sanctions.

Iranian President Hassan Rouhani has proposed creating a cryptocurrency for Muslim countries to replace the US dollar. He said that the United States has adopted economic sanctions as a "main tool for hegemony and bullying" against other countries, and therefore proposes to create a cryptocurrency to replace the US dollar to trade between Muslim countries.

Tech giants embrace encryption

In 2019, Facebook, Microsoft, IBM and many other technology giants are engaged in the field of encryption.

Social media giant Facebook announced its crypto project Libra on June 18, which caused a thousand waves and caused heated discussions among central banks, governments, and regulators and legislators.

Tech giant Microsoft has announced the launch of the Azure Blockchain Tokens platform for building blockchain tokens in the cloud. The platform allows businesses to choose from an increasing number of token construction templates that comply with Microsoft-led Token Taxonomy Initiative (TTI) token standards.

The search giant Google announced in June this year that it will integrate the Chainlink (LINK) service in Google Cloud, so that Google's BigQuery data can be safely and reliably transmitted to the Ethereum blockchain.

Technology giant IBM's multiple blockchain projects have made significant progress in 2019, including the Food Trust project for supply chain tracking, the TradeLens project for logistics tracking, the Trust Your Supplier project for supplier access, and World Wire, a payment network project.

Traditional financial giants are not far behind

In 2019, the horn of the traditional banking giants entering the crypto space was sounded by JPM Coin, JPMorgan's internal cryptocurrency, which runs on JPM Coin's private version of Ethereum Quorum. In addition, JPMorgan Chase also launched an inter-bank information network based on the platform, with more than 300 participating bank members.

Goldman Sachs CEO David Solomon also said this year that Goldman Sachs "absolutely" can launch its own cryptocurrency like JPMorgan Chase. He further stated that Goldman Sachs is currently conducting "extensive research" on asset tokenization and stablecoins.

HSBC plans to transfer $ 20 billion worth of assets to the new blockchain custody platform, which will be one of the largest deployments of blockchain technology by global banks to date. HSBC said the platform, called "Digital Vault", will allow investors to obtain real-time records of securities purchases in private markets.

Santander Bank of Spain successfully completed the process of issuing $ 20 million worth of bonds on the Ethereum blockchain. Santander said it was the first institution to use a public blockchain to manage the entire life cycle of bond issuance.

Fidelity Digital Asset, a cryptocurrency trading agency of the US financial services giant Fidelity, launched a cryptocurrency trading and custody platform in March, which focuses on hedge funds, family offices, pension funds, endowment funds and other institutional investors.

Traditional exchanges focus on crypto

The crypto industry hopes that institutional funds will become the driving force for the development of the industry and the market. Therefore, it is hoped that the regulated traditional exchanges can enter the crypto field.

This is how the Intercontinental Exchange's crypto trading platform, Bakkt, "was called out". On September 23, the Bakkt exchange has been launching bitcoin futures for physical settlement for a long time, and the industry has not yet opened the door for institutional funds to enter the crypto field. Although its starting point is not perfect in terms of trading volume, Bakkt still launched cash-settled bitcoin futures and bitcoin options, which is obviously still long-term bullish on the crypto market.

In terms of the stock market, in November this year, one of the three major mining machine giants, Jia Nan Technology, was officially listed on the NASDAQ under the CAN code. The listing of Canaan Technology was led by Citigroup, Huaxing Capital and CMB International Finance. One month later, Financial OneAccount, a financial technology subsidiary of Ping An Group, was listed on the New York Stock Exchange at an issue price of $ 10.00 per share, and publicly issued 31.2 million American Depositary Shares (ADS) under the OCFT stock code.

In 2019, two cryptocurrency benchmark indexes from data provider CoinMarketCap are available on the financial data platforms of NASDAQ Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv), and Stuttgart, Germany. Users of Thomson Reuters and Bloomberg Financial Terminal can also view the top 100 cryptocurrencies. U.S. financial news giant Yahoo Finance has also integrated its website with cryptocurrency data from major crypto data provider CoinMarketCap (CMC), allowing visitors to track data such as the market value, transaction volume, and circulation of major cryptocurrencies.

Repeated attention by mainstream media

In the past year, the mainstream media has frequently paid attention to major news in the field of encryption, which has also made the blockchain and encryption industry known to more mainstream people.

Since the cryptocurrency market began to recover in the second quarter of this year, the BBC, Financial Times, Bloomberg, CNBC, New York Times and other media have shown concern about the crypto industry, and subsequently hacked from major cryptocurrency exchange Binance to social media giant Facebook announced the crypto project Libra, from the annual high of Bitcoin to the right and wrong of Sun Yuchen's bidding for Buffett's lunch, to the support of China's top leaders on blockchain technology, and the central banks' statements on digital currencies, all of which These mainstream media have a long list of reports, comments and analyses.

The mainstream media has not missed important events in the crypto field in the past year. Thanks to the help of mainstream media, cryptocurrencies are also changing from a few people's carnival to a mass feast.

Central banks of various countries have stated their positions

Cryptocurrencies, central bank digital currencies, global stablecoins, and Libra have become one of the most discussed topics in central banks in the past year.

In 2019, China ’s central bank ’s digital currency is “coming soon,” and the Federal Reserve said it is “actively considering” issuing digital currencies. The European Union issued a draft document recommending that the European Union consider issuing digital currencies. The European Central Bank is assessing the impact of central bank digital currencies on European people and the economy, and hopes to set the goals of its digital currency task force by mid-2020.

In Asia, the Bank of Japan said there was no demand for central bank digital currencies. The Bank of Korea also said in its annual report that the bank will not issue central bank digital currencies. The Reserve Bank of India is planning to develop a central bank digital currency, but it did not disclose a specific timetable. Saudi Arabia and the United Arab Emirates will start digital currency research and development. The digital currency project, which was launched in early 2019 and named Aber, aims to reduce the cost of remittances between neighboring banks. The Thai central bank will advance digital currency projects by establishing a blockchain-based solution.

In Europe, the French central bank will soon begin testing digital currencies and "will release project information by the end of the first quarter of 2020." The Swedish central bank will create a pilot platform for the digital currency e-krona and plans to implement the digital currency plan in six steps. The Swiss Federal Council has approved a report examining the opportunities and risks of issuing an e-franc, stating that the central bank's digital currency will not bring additional benefits to Switzerland at this time. Deutsche Bundesbank President Jens Weidmann said that the central bank must be cautious when introducing digital currencies, as it may destabilize the financial system during a crisis. Elvira Nabiullina, the governor of the Russian central bank, said that the Russian central bank does not need to issue national digital currencies. Wales plans to launch its own digital currency, Celyn, to help SMEs quickly and easily exchange services or products. The Central Bank of Ukraine has completed its pilot program for the national digital currency E-Hryvnia.

In Africa, Ghana Bank President Ernest Addison said he is discussing with "main stakeholders" to explore pilot digital currencies. The Tunisian central bank says it is currently exploring various digital payment alternatives, including possible central bank digital currencies, but the central bank has not continued to develop what it calls "E-Dinar" digital currencies in some reports. The Rwandan central bank is studying how to issue its own digital currency to improve transaction processing efficiency and promote economic growth.

Regulators and legislatures are at stake

The strongest tone of crypto regulation in the past year comes from the cryptocurrency rules set by the Financial Action Task Force (FATF) of the global money laundering regulator, which requires "virtual asset service providers" (VASPs) including cryptocurrency exchanges ) When transferring assets, you need to pass information about the relevant customers to the other party.

For a long time, due to its anonymity, cryptocurrencies have always been linked to criminal acts such as money laundering, terrorist financing, and dark web transactions, which has also restricted them from becoming a mainstream investment method. Although strong regulation will impact some crypto-related companies, it will also clear the barriers for mainstreaming the crypto industry.

In the United States, the House of Representatives and the House of Representatives have held a number of hearings related to cryptocurrency regulation and digital currencies. Participants include many important figures from the industry and regulators. Although the theme is different, each hearing Huidu eventually became the collective education and popular science of the legislature in the industry

In addition, many countries have detailed regulations on the tax declaration of cryptocurrencies in 2019.Compared with the previous lack of supervision, crypto investment income is recognized as legal in the tax field, which also means that it is recognized as a mainstream investment asset. .

Conclusion

After ten years of sharpening the sword, the cryptocurrency is finally one step closer to its expected acceptance by the mainstream. Whether the mainstream process of the crypto industry will change from quantitative to qualitative in 2020, we wait and see.

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