We continue with some of the themes that marked the ecosystem Blockchain in 2021, which should be followed up in 2022.
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As we already know, the ecosystem Blockchain / Crypto recorded important events this year that culminated, which could significantly impact the evolution of the sector this 2021, especially at the financial, regulatory and technological level.
Ecosystem Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. / Crypto for 2022
Following on from our previous work, we now review another group of important events within the ecosystem Blockchain / crypto internationally, to which you should pay attention in 2022.
4. ¿ETF Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. en EE UU?
Once again, the USA stands out among the most important aspects to follow in 2022, precisely because in October of this year the Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) finally gave the green light to the first ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. associated with Bitcoin in the local market, except that this was to be based on digital currency currency is a medium of exchange that defines value. futures, an asset that, although linked to BTC does not operate directly on the digital currency.
The first ETF based on futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. of Bitcoin came from the hands of the company ProShares a U.S. provider of exchange-traded investment products, which launched this product through the New York Stock Exchange (NYSE). More such applications were subsequently approved, but although it is a very good first step in this matter, the SEC is still very reluctant to accept the first investment fund based entirely on the digital currency, claiming that the price of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. can be susceptible to manipulation by exchanges.
Critics
Although many have criticized the SEC for its secrecy in this matter, Grayscale The regulator was sharply criticized for not giving equal treatment to the regulators for not treating them equally. ETF than those based on futures of Bitcoin, This is detrimental to investors interested in operating through this mechanism. While there are no signs that this stance will change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. in the short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. term, critics and analysts argue that the entity could give in to pressure and the progress seen in other countries, and thus finally enable this investment product sometime in 2022.
5. China and the digital yuan
Another country that has also given a lot to talk about throughout this 2021 is precisely China, since in addition to intensifying its stance against cryptocurrencies and mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. activities generating a sharp fall in the price of the main digital currencies, it also continues to move forward in the development of its CBDC backed by its central bank.
Although the new digital yuan does not yet operate throughout China, the local government has begun to implement it in certain provinces and districts for the payment of public officials, in addition to establishing important alliances with state and private companies to enable its use, including in these conversations also local banks.
Primer white paper
Let us keep in mind that China published this year the white paper (foundational document) for its CBDC, in which it states that its digital fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency is designed to be programmable with smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. functions, as a backup to cash, while establishing three important principles:
- “Diversify the forms of cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. provided to the public by the central bank, meet public demand for digital digital technologies are these electronic tools that have the ability to generate, store or even process data. cash and support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. financial inclusion.
- Support fair competition, efficiency and safety of retail payment services.
- Echo the international initiative and explore the improvement of cross-border payments”.
The Chinese government is expected to press ahead with its plans to bring the digital yuan to more people locally by 2022, but one of the issues about which there are high expectations is how receptive the currency will be internationally, being the first “powerful” currency to move to this technology-backed format. Blockchain with all the properties that this would bring with it.
6. El Salvador and forthcoming plans in the area of Bitcoin
And without a doubt, another country that became the center of attention was El Salvador, since this year it announced and officialized the Bitcoin as the official currency of the Central American nation, which now coexists with the U.S. dollar as the currency of mandatory acceptance by all traders operating in that jurisdiction.
El Salvador’s plans began with the formality of Bitcoin as the official currency, including the creation of a state purse called the “Goat.” plans to develop cryptocurrency activities powered by 100% renewable energy of volcanic origin, investment of the country’s reserves to buy BTC and store it as a valuable asset, up to the most important announcement made weeks ago which is the construction ofBitcoin City, an urban project for the design of a city whose economy would be fully based on cryptocurrency.
Critics
Of course, all these announcements and plans have not been exempt from criticism, both internally from opposition parties and externally by organizations such as the International Monetary Fund. What many analysts are very sure about is that the government of El Salvador will go ahead with its Bitcoin plans, although there is a lot of expectation about the next announcements that may take place throughout 2022.
There are certainly many other developments that will also have great relevance for the future of the digital currency ecosystem and technology Blockchain , but this analysis is in the other articles in this series, which you can read here:
Article by Angel Di Matteo / DiarioBitcoin
Imagen deUnsplash
