Crypto Predictions For 2020 | TechFinancials

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Luno, South Africa’s largest cryptocurrency exchange, expects to see greater adoption of Bitcoin and altcoins in 2020, continuing the momentum gained in 2019.

Cryptocurrencies have slowly become more mainstream with increasing numbers of people investing in this alternative asset class. Marius Reitz, Luno GM for Africa, makes some predictions for 2020.

Regulation 

With the crypto space maturing rapidly, regulators around the world are accelerating efforts to either embrace or regulate cryptocurrencies. The pace escalated in 2019, no doubt motivated by Facebook entering the space with its Libra project.

In 2020, we expect to see this continue. The South African Reserve Bank is expected to announce crypto regulation in the first quarter of 2020. Internationally, we will also see a number of planned guidelines come into effect. In October, the G7 group of nations outlined the need for stablecoin regulation and implied that guidelines may be produced in 2020, while Japan also passed a bill to reinforce its existing cryptocurrency laws which comes into effect in April 2020.

Another major regulatory development expected this year is the introduction of the 5th Anti-Money Laundering Directive (5AMLD). While the specifics of how these regulations will impact the space are hard to predict, we are excited at the opportunity to learn about best regulatory practices that can be emulated in other regions.

Adoption 

One of the criticisms of Bitcoin and other cryptocurrencies is the lack of opportunity to actually use them. Throughout 2019, we saw this change rapidly, with new startups such as Flexa introducing slick crypto-payments platforms for retailers. More importantly, there was a diverse array of retailers both big and small, willing to integrate their services.

In 2020, we expect this trend to continue. Starbucks, which owns almost 30,000 outlets globally, has announced it will be integrating Bakkt’s crypto-payment service in…

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