Adoption

The cryptocurrency industry in Ukraine seems to be heading south after the National Bank of Ukraine (NBU) came out to warn the citizens about the risks associated with this nascent digital asset.

Due to quantum leaps in e-commerce and ever-changing consumer preferences, there is an increasing adoption and use of decentralized ledger technology (DLT) and blockchain in the online auctions industry.

Mobile payments adoption is growing worldwide. Owing to global digitization, the share of mobile payments in transactions is expected to reach 89% by 2025.

Several giant payment service providers are flocking to using encrypted decentralized technologies including blockchain to create payment platforms that can facilitate and support fast, secure, cheap cross-border payment processing services which offer real-time validation of transactions minus the involvement of third parties.

Back in 2020, a famous rapper Akon launched his own cryptocurrency dubbed Akoin to boost its dream of improving the lives of the citizens of the African continent. But paradoxical is the fact that the token is listed on a platform that is unavailable to most Africans. Consequently, this could significantly slow down the adoption of the coin in the continent.

About 86% of the central banks including Bank of America and the ECB, are busy delving into the development of CBDCs to defend their territories from the evasion of Bitcoin and other digital assets.

The nascent blockchain and cryptocurrency technologies offer great potential and various use cases. For this reason, they are being closely looked at, especially amidst lockdowns and general digitization. Thus, since 2021 began, two cities in the United States announced plans to employ innovations to the benefit of their citizens.

As the use and adoption of blockchain, the underlying technology behind bitcoin, continues to grow in different sectors, the global market is estimated to hit around $30.7 billion by 2027.

Bitcoin adoption is growing dramatically in Canada, but the rate of cryptocurrency fraud is also increasing at a worrying speed. Between 2017 to 2020, digital currency-related fraud in Canada rose by about 400%, as per the report by RCMP.