When the market value of cryptocurrencies dramatically crashed in 2018, skeptics were quick to liken it to the infamous dot-com-bubble. However, far from fading to obscurity, players in the crypto market looked for the lessons to be learned and fought back to build a stronger, more stable crypto-economy. Indeed, thanks to this early glitch, seismic advances were made towards overcoming the barriers. From readable wallet addresses likening crypto transactions to modern payment apps, to innovative methods of protecting user privacy on the blockchain through Zero-Knowledge Proof cryptography — cryptocurrencies are closer to becoming to mainstream adoption methods than ever before.
Mainstream adoption Coming? Regulation Overhaul
Unlike traditional currencies, crypto has faced an uphill battle from the beginning with regulators. However, recent legislative developments, such as those in India, suggest that change may be on the horizon for digital asset businesses. This was confirmed after the Supreme Court overruled a Reserve Bank of India directive that banned banks and other financial institutions from dealing with businesses involved in cryptocurrencies. The ruling lays the foundation for mainstream adoption of cryptocurrencies in India, and should pave the way for India to be at the centre of advancements in the digital economy.
Outside India, several governments have taken steps towards embracing the opportunities cryptocurrencies have to offer. Most significantly, cryptocurrency trading is now legal in the UK, the EU, and the USA, where significant progress in legislation has passed. As a result, cryptocurrency is establishing itself as an equivalent to other asset classes…