Blockchain is one of the most fascinating innovations of our generation, revolutionising numerous products and services. By 2030, the blockchain market could be worth $1.4tn and boost global gross domestic product by $1.76tn.Today, 300m people own cryptocurrencies, the most widely used blockchain application, driven by crypto’s remarkable ability to address certain challenges. However, regulation is projected to play a pivotal role in the industry’s next chapter – the World Economic Forum predicts that adoption will be ‘directly correlated with its level and quality’. Binance believes that comprehensive, consistent and risk-based regulations are key to responsible innovation that unlocks the industry’s potential. Global inequality leaves 1.7bn people, especially women, people of colour and underprivileged communities, without bank accounts. Blockchain eliminates traditional barriers such as prohibitive fees and proximity to physical banks. Reaching $589bn, remittances are a major driver of economic growth for developing countries. The G20 roadmap recognises crypto’s immense potential to bring down costs from the current global average of 7% closer to the UN’s sustainable development goal of 3%. Blockchain-based payments are faster and more efficient, processing international transactions in minutes rather than in days as in traditional finance. Small- and medium-sized enterprises account for 90% of businesses and 50% of jobs globally. Decentralised finance solutions can bridge the $8.9tn gap in SME finance.
Full opinion : Global co-operation key to developing effective cryptocurrency regulation.
