#adoption

The proposal to create a digital Euro by the European Union is facing academic skepticism, with some specialists forecasting its doom from the get-go. Two economists from the University of Bern, Cyril Monnetm and Dirk Niepelt, have cited preset storage limits for users as a primary concern. They also flagged the possible disinterest of banks in the digital Euro's success if it doesn't lead to significant revenue. Without the backing of commercial entities, they believe, widespread adoption might remain a distant dream.

Casting their gaze five years into the future, investment company Bernstein speculates the stablecoin market will burgeon to a staggering $2.8 trillion. A key catalyst for this boom? The widespread adoption of stablecoins by financial platforms, a trend set to amplify the circulation of these tokens.

An analysis of crypto accessibility via ATMs, business adoption, legal frameworks, and overall availability has identified the frontrunners for 2023 as Hong Kong, Switzerland, the USA, Georgia, Slovenia, Canada, Australia, Germany, Bulgaria, and Panama.

Former Vice President of Tinder Jeff Morris believes that cryptocurrency developers' desire for 1 billion users is misguided, as a passionate and small community can be more valuable. Morris also believes that cryptocurrency apps should be made more accessible to regular users to lower the threshold of entry into the industry and create an enjoyable user experience.

The Central African Republic (CAR) is expanding its Sango blockchain initiative to include the tokenization of land and natural resources. Recently, the CAR National Assembly passed a law, receiving unanimous approval, that facilitates online business visa applications and simplifies the process for both locals and foreigners to establish businesses in sectors like real estate, agriculture, and forestry. This move follows CAR's earlier efforts in the crypto space, including the launch of Project Sango in May 2022 and its brief adoption of Bitcoin as a national currency.

Despite advances in payment effectiveness and customer care, analysts Alkesh Shah and Andrew Moss from Bank of America think that PayPal USD (PYUSD) won't be widely adopted anytime soon. They wrote, "Over the longer term, we expect PYUSD to experience additional adoption headwinds as competition from central bank digital currencies (CBDCs) and yield-bearing stablecoins increases."

The study also revealed that 1 in 3 New York residents views cryptocurrencies as a potential contributor to a more equitable financial system and a valuable investment for the future. The report highlighted the growing adoption of cryptocurrencies within New York, making the state a hub for diverse blockchain initiatives. It pointed out the existence of 692 blockchain organizations and over 800 founders located in the state of New York.

Raoul Pal, once at the helm of Goldman Sachs, envisions a steep rise in the global count of cryptocurrency users. He drew parallels between the initial decade of digital assets and internet evolution, leading to the conclusion that the tally of cryptocurrency enthusiasts could hit the 1.2 billion mark by the end of 2025. His projections suggest this number could catapult to a staggering 5.1 billion by 2030. The key drivers in achieving such an extensive digital asset adoption, he believes, will be Central Bank Digital Currencies (CBDCs) and NFTs.