Once again, cryptocurrencies have come to prominence. Prices are continuously rising and fascination is spiking, from Fidelity to PayPal to JP Morgan, everyone is displaying greater interest. The latest developments are really inspiring for the founder and chief executive officer of Binance, Zhao Changpeng.

According to Mr. Zhao, who is also known as CZ, the adoption of cryptocurrency is definitely increasing as more institutions and users are participating. He believes that things are going pretty well.

The optimistic attitude of institutional investors amidst other factors has led to the value of bitcoin to double this year. Once again the bitcoin price has spiked above the US $ 16000 which is about a 20% gain, this is the highest level of the last three years. Simultaneously, the regulatory environment is steadily evolving in several parts of the world with so many restrictions.

Central banks all over the world are also working towards evolving their own digital currencies. This year, a lot has changed both positive and negative developments have taken place.

The interest in digital currencies has been heightened as shown in a survey held this year by the bank for worldwide settlements of 66 central banks. It is reported that they are gazing at issuing their own central bank digital currencies (CBDCs).

China has been the most dedicated country on this front. It is well ahead of other countries which simultaneously puts pressure on the rest of the countries to push their efforts forward.

The first country issuing the central bank digital currency will be in a state to fascinate a lot of international usage and volumes. This apparently will help in making RMB a ruling currency across the world. If it works, then it will significantly put pressure on central banks of other countries to issue their own central bank digital currency as soon as possible.

Crypto Business World

CBW - External Analyst

INDIA