Digital assets are becoming more prevalent all over the world. In fact, it is predicted that the worldwide blockchain market will reach $60 billion by 2024. By 2023, it is anticipated that global spending on blockchain technology will increase to over 16 billion USD.
In the interim, cryptocurrencies have also entered the tourism sector. For instance, Travala, which was newly established in 2017, is also available in Chinese. It is currently the top blockchain-based travel booking platform in the world. Numerous clients from all around the world select it as their preferred online travel company. The AVA Token (BEP-2 token standard), its native cryptocurrency, is anticipated to experience increased demand as the network grows.
Internet filtering in the Middle Kingdom is well-known for being quite stringent. Currently, all cryptocurrency transactions are prohibited, and Bitcoin is restricted. Governments and fintech companies are now acknowledging the potential of cryptocurrencies as a result of the unprecedented trend toward online payments over the past year. Global central banks are putting the last touches on launching virtual copies of their current currencies as payment juggernauts like Mastercard and Visa bet on Bitcoin.
China is seeking overseas partners as it sees a chance to strengthen the yuan on a global scale through the digital sphere. The Asian powerhouse, along with Thailand and Hong Kong, is building a cross-border system for international e-payments using digital currency designed by their respective central banks. The Emirates, which is working on a framework to govern cryptocurrency, has joined the project.
By the time the Beijing Winter Olympics begin next year, the central bank of China will already be preparing to recognize its digital yuan officially. Thailand has also been urging merchants to accept its own cryptocurrency, Inthanon. On the other hand, the UAE and Saudi Arabia started a collaborative effort named Aber to create a universal cryptocurrency around the end of the previous year.
Up until now, virtual currencies like Bitcoin have operated autonomously and without the control of a centralized authority, but suddenly 60% of central banks around the world are turning their money into cryptocurrency. China wants to capitalize on the demand for simple, digital payments so that the e-yuan becomes more well-known globally.