Despite regulatory pressure from governments around the world, cryptocurrency and blockchain adoption rates have reached unprecedented scales. We can see this all around us, from the growing number of crypto commercials to regulatory bodies devising policies for cryptocurrency transactions.
The tussle between regulators and crypto users is built into the system of cryptocurrencies. It is a decentralized exchange system that was never meant to be regulated in the first place. However, what we are noticing now is an expansion of cryptocurrencies and blockchain outside the financial market. Over the past few months, some global events have cemented this transition. Gibraltar, for example, is all set to implement blockchain technology for administrative tasks. On the other hand, GameFi, or gaming on the blockchain, is a huge market in its own right. These developments show that crypto and blockchain are no longer restricted to finances.
The trend is visible even within regulatory offices and financial experts. For instance, a Senator from Australia recently claimed that decentralized finance will play a huge role in the world economy, and not adopting it will keep Australia behind in the global race. Similarly, CEO of Australia’s Commonwealth Bank Matt Comyn said that the risk is higher in not adopting crypto and blockchain than in adopting them. All these developments clearly point that blockchain is going to be a part of everyday technology in the near future, and will continue to expand its usefulness. 2022 will be a definitive year in the expansion of blockchain beyond finances