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I don't think that there's any area of our lives that it's not going to touch. And yeah, I mean, you mentioned debit cards, applications like that- I'm finding myself doing more and more of my day-to-day life either entirely in crypto or partially in crypto in the sense that we have large companies that are acting as bridges now that allow us to transact in the dollar world using crypto assets, things like that. If you ask me, it's kind of like top of the second, bottom of the second inning So it's really, really early days.Īnother metaphor I like to use is where somewhere like where personal computing was in the mid to late-'70s, right? So, like, kind of the Apple Macintosh computer hasn't come out yet, which is to say that the usability is not quite there, but we're getting there very rapidly. I think, you know, some folks might say we're somewhere in the third or the fourth inning. JENNIFER SCHONBERGER: So where are we with crypto right now? How early in the innings are we? And how much of this could be really integrated into our daily lives as far as mass adoption, right? Right now, we're starting to see debit cards, credit cards that are linked to crypto. You know, I think it's really a very transformative set of ideas and technologies that are going to change the ways we conduct business, the ways we transact, and, in particular, the ways that people come together, coordinate, start businesses, you know, on a small scale and a large scale. It's been more accelerated and sort of begun this process of mass adoption a bit faster than we thought. I think, if anything, it's gotten a little bit faster. I think it has been that way for certainly the four-ish years that I've been in the space. LANE RETTIG: Yeah, I think my outlook for the long term is extremely positive. How do you see cryptocurrencies changing the future? What is your outlook for the long-term? As I mentioned, crypto has had a huge run this year, not just in terms of price run-up, right? We're starting to see more applications, more adoption. JENNIFER SCHONBERGER: Well, it's so great to have you. Very excited to be here and always excited to talk about this important, exciting topic. It's so great to have you on the program. Here to weigh in on the future of crypto, Ethereum, and what may be the next generation of Ethereum is one of the core former developers of the Ethereum cryptocurrency, Lane Rettig. More projects are now being developed on the Ethereum blockchain. The second-largest cryptocurrency has had a monster run, outpacing Bitcoin. Bitcoin has been at the center of conversation for cryptocurrencies, but the real story of the year may be Ethereum. JENNIFER SCHONBERGER: This is "Yahoo Finance Presents." I'm Jennifer Schonberger. On this episode of Yahoo Finance Presents, Ethereum Core Developer Lane Rettig sat down with Yahoo Finance's Jennifer Schonberger to talk about the long term outlook of cryptocurrency, the rise of the Ethereum blockchain, NFTs, and what the future holds for the crypto space. Read more: Australia Faces Big Choices on Crypto Regulation Over five million accounts for such services exist in Australia, he said.Īustralia’s Senate formed a committee to research crypto regulations in March, which submitted a report to legislators on Oct. The treasurer’s proposed regulation will also take aim at “buy now, pay later” services. That figure is about 3% of the population, significantly lower than previous estimates based on online surveys. More than 800,000 Australians own some form of crypto assets, Frydenberg said. In October, an official from the Reserve Bank of Australia said that there is no strong case for a CBDC in Australia, but that the central bank was ramping up its development to stay ahead of global competition. The treasury will also be working with the central bank on a digital currency, according to Frydenberg. The government will also work out a licensing plan for crypto exchanges next year, the Australian Financial Review reported. In an attempt to modernize Australia’s payment systems, the new regulations will “broaden the definition of services and products that can be regulated,” taking cryptocurrencies and digital assets “out of the shadows” and into a “world-leading” regulatory framework, Frydenberg said in an interview with 7NEWS Australia on Wednesday.įirms that buy and sell cryptocurrencies will have to be licensed to bring safety and security to users, the treasurer said. The government of Australia will announce the biggest reform in payment systems in 25 years, including crypto, on Wednesday, Treasurer Josh Frydenberg said.