The history of cryptocurrency development 2️⃣

9. 2011: Litecoin was born, aiming to improve the problems of slow Bitcoin transaction confirmation, low total limit, and the emergence of large mining pools due to the proof-of-work mechanism;

10. 2013: Germany officially recognized Bitcoin as a legal currency, becoming the first country in the world to recognize Bitcoin. Inspired by Bitcoin, Vitalik Buterin proposed an open source and open smart contract platform concept - Ethereum, and launched decentralized financial applications the following year, pre-selling Ethereum;

11. 2014: Tether issued the world's first stablecoin - Tether, which is backed by the US dollar and pegged to the US dollar at a 1:1 ratio. Artist Kevin McCoy launched the first non-fungible token work in history - Quantum on the Nanocoin blockchain;

12. 2015: Fabian Vogelsteller and Vitalik Buterin proposed a solution to issue interchangeable tokens using Ethereum blockchain smart contracts, namely the ERC20 standard, which promoted the ICO wave;

13. 2016: Japan approved the digital currency regulatory bill for the first time and defined Bitcoin as property. The Zcash Genesis Block was born, and the transaction process is completely anonymous, which is the biggest highlight of ZCash. The world's first regulated Bitcoin fund was officially launched in the UK. Shenzhen established the country's first Fintech Digital Currency Alliance and Research Institute;

14. 2017: The Digital Currency Research Institute of the People's Bank of China was officially established. The People's Bank of China, the Central Cyberspace Affairs Commission and other 7 ministries and commissions jointly issued the "Announcement on Preventing the Risks of Token Issuance and Financing", which defined token issuance and financing as illegal financing behavior;

15. 2018: Gemini launched the world's first government-regulated stablecoin GUSD, and its birth built a new bridge between legal currency and cryptocurrency. USDT custodian bank Noble Bank is rumored to be bankrupt, and the credit risk of privately issued fiat currency-anchored stablecoins is exposed;

16. 2019: Facebook jointly released the Libra White Paper with leading institutions in various industries, using a basket of bank deposits (including fiat currencies such as US dollars, British pounds, euros, and yen) and short-term government bonds as reserve assets to enhance the credit of Libra stablecoins. The digital RMB has successively launched pilot tests in Shenzhen, Suzhou, Xiongan New Area, Chengdu, and later the Winter Olympics;

17. 2020: The Bahamas launched the Sand Dollar, becoming the first country in the world to officially launch a central bank digital currency.PayPal supports cryptocurrency transactions.