What is the next big thing in the cryptocurrency market?

There is no doubt that 2020 will be a promising year for cryptocurrency industry. Here are the most exciting events you should look forward to.

Bitcoin halving

One of the most anticipated events in the cryptocurrency industry for 2020 will be the 3rd Bitcoin halving. It will occur on May 20th. Learn more about the Bitcoin halving, and why is it so important for the entire crypto community right here.

Libra’s release

Due to regulatory and legal hurdles, Facebook may consider changing its plan for the 2020 release of its cryptocurrency Libra. Originally planned for release in June, Libra will be launched in October and will support multiple currencies.

According to The Information, new financial system will offer multiple coins and fiat currencies:

Succumbing to pressure from regulators, Facebook has decided to offer its users digital versions of government-backed currencies and its proposed Libra token”.

So, this year we’ll see if the Libra Association can pull it off. Alas, several giant organizations left the project due to intense regulatory pressure. Among them British telecommunications company Vodafone, PayPal, MasterCard and eBay.

Chinese cryptocurrency

Due to the coronavirus outbreak, Chinese government has delayed its research in Q1 2020. But this does not mean that China will not launch a state-backed cryptocurrency this year. China’s digital currency has been in the works since 2014.

Not so long ago the People’s Bank of China and other authorities outlined their major tasks in 2020. They plan to focus on researches, project development, and how the cryptocurrency would be circulated as “genuine cash.” 

The PBoC stated that the much-anticipated digital yuan will be distributed to commercial banks. Only then customers and companies will be able to register digital wallets with these commercial banks.