[ad_1]
FinTech Ripple predicts that 2023 will be the year when cryptocurrencies and blockchain technology really come into their own.
According to Ripple’s blog post, they hope the industry will move from a speculative business to one that embraces crypto technology to address real problems and unmet consumer demands. .
Additionally, we foresee an increase in the use of non-fungible tokens and central bank-issued digital currencies (CBDCs). Institutional adoption is expected to continue as interest in crypto’s environmental impact and sustainability grows.
Sendy Young, Ripple’s Europe and UK managing director, believes the CBDC will expand its position as an engine of central bank expansion and financial inclusion. She also believes that the potential gains in efficiency, transparency and speed will speed up the long-term adoption of crypto solutions by institutions despite a downturn in the market.
James Wallis, Ripple’s vice president of central bank engagement, said the company plans to launch more pilot projects with CBDCs around the world to test innovative ways to enhance cross-border payments. I’m here.
Ripple CTO David Schwartz predicts that the next generation of NFTs will focus on practical applications in areas such as real estate and carbon markets. These applications will determine which use cases will be successful and whether NFTs will become a permanent fixture in the marketplace as they promote efficiency and transparency of ownership, he said.
Brooks Entwistle, Senior Vice President and Managing Director of APAC at Ripple, describes the current state of the cryptocurrency industry as a “dotcom bubble” that experienced rapid growth, subsequent collapse, and eventual industry maturity. I liken it. He predicts that this situation will continue to weed out crypto companies that rely purely on hype.
Ripple’s vice president of impact, Ken Weber, believes that cryptocurrencies can serve as a cross-border payment mechanism when traditional corridors are compromised or ineffective, so large-scale We hope that non-governmental organizations (NGOs) will start using cryptocurrencies to better serve the economically vulnerable. such as refugees and displaced persons.
Young Jan 9, 2023 Post to Twitter A more detailed set of predictions for 2023:
- Despite the current bear market, adoption of blockchain technology and digital assets by institutions is expected to increase as companies continue to explore and launch pilot programs. The industry may also see consolidation as financially stable companies make acquisitions to fill gaps in their own capabilities, and as a result of the recent collapse of his FTX and others. Additionally, we may see an increase in the number of cryptocurrency and blockchain companies being acquired by traditional financial service providers and established players in other industries.
- As consumers and policy makers focus more on sustainability, there will be increased scrutiny on the environmental impact of blockchain and the energy consumption of blockchain solutions. To address this, tokenization of carbon credits and adoption of less energy-intensive blockchain systems may become more popular. Central bank digital currencies (CBDCs) are also expected to gain momentum as more countries announce plans to launch pilot programs. The collapse of FTX further highlights the need for trustworthy digital assets for payments.
- In 2023, the use of fiat-backed stablecoins is likely to increase as institutions look to take advantage of blockchain technology such as real-time merchant payments. This trend could also be fueled by the creation of new fiat currencies other than the US dollar. Crypto industry regulation is expected to come to the UK and Europe. Once the UK Financial Services and Markets Bill comes into force, regulators will develop a clear regulatory framework to support the development of the crypto sector. The EU’s Markets in Crypto-Assets (MiCA), on the other hand, is expected to be passed by the European Parliament and will not come into force until 2024, but the Level 2 European supervisory authority will be able to regulate the crypto industry.
image credit
Featured image via Pixabay
[ad_2]
Source link
