2021 and 2022, have seen many large players and institutions adopting the Internet of Value. This sector is indeed in constant growth, stablecoins are being regulated, CBDCs are being issued, and cryptocurrencies are emerging both as an asset, and as an efficient means of transmitting value. Among the top 100 global banks, 59 are pursuing at least one project involving cryptocurrencies or CBDCs. Financial institutions are in fact developing a strong interest in these instruments. Currently the most widespread implementation by financial institutions is to offer cryptocurrency investment services to their clients, but it is not the only one; some banks are experimenting with the use of stablecoins as an efficient means of making international payments, others are beginning to provide custody services to their clients, while Silvergate Bank and JP Morgan have recently accepted bitcoin as a collateral asset in loans. Banks are not the only actors joining the game. El Salvador and the Central African Republic have introduced bitcoin as legal tender, and Ukraine has begun accepting donations in 10 different cryptocurrencies. Companies such as Gucci and Balenciaga have launched pilot projects to accept cryptocurrency payments in some stores, and also the Payment providers market is changing. As of today, Paypal offers its customers the ability to buy and hold cryptocurrencies, while Stripe has incorporated payments via USDC. Whether it is with stablecoins, volatile cryptocurrencies, or CBDCs, many traditional actors are joining the race, trying to compete with crypto-native players challenging their status quo. The report offers a detailed mapping of IoV projects internationally, distinguishing among different types of actors. Each of them is indeed approaching this disruption differently, from payments, to capital markets; the main output of this paper is a thorough analysis on how different players are joining the Internet of Value revolution.
Il periodo tra il 2021 e il 2022 è stato caratterizzato dall'adozione dell'Internet of Value da parte di molte grandi aziende e istituzioni. Questo settore continua a crescere, le stablecoin stanno venendo inquadrate in un framework normativo, alcune banche centrali stanno progettando la propria moneta digitale, e le criptovalute stanno emergendo sia come asset che come mezzo efficiente di trasmissione del valore. Tra le prime 100 banche mondiali, 59 stanno portando avanti almeno un progetto che coinvolge criptovalute, stablecoin, o CBDC. Le istituzioni finanziarie stanno infatti sviluppando un forte interesse per questi strumenti. Attualmente l'implementazione più diffusa da parte delle banche è quella di offrire servizi di investimento in criptovalute ai propri clienti, ma non è l'unica; alcune stanno sperimentando l'uso delle stablecoin come mezzo efficiente per effettuare pagamenti internazionali, altre stanno iniziando a fornire servizi di custodia, mentre Silvergate Bank e JP Morgan hanno recentemente accettato il bitcoin come asset collaterale in alcuni prestiti. Le banche non sono gli unici attori che si stanno muovendo. El Salvador e la Repubblica Centrafricana hanno introdotto il bitcoin come moneta legale e l'Ucraina ha iniziato ad accettare donazioni in 10 diverse criptovalute. Aziende come Gucci e Balenciaga hanno lanciato progetti pilota per accettare pagamenti in criptovalute in alcuni negozi. Anche il mercato dei fornitori di sistemi di pagamenti sta cambiando. Ad oggi, Paypal offre ai suoi clienti la possibilità di acquistare e detenere criptovalute, mentre Stripe ha incorporato i pagamenti tramite la stablecoin USDC. Che si tratti di stablecoin, criptovalute volatili, o CBDC, molti attori tradizionali si stanno attrezzando per unirsi alla corsa e competere con le aziende native del mondo crypto, che sfidano il loro status quo. Il rapporto offre una mappatura dettagliata dei progetti IoV a livello internazionale, distinguendo tra diversi tipi di attori. Ognuno di essi sta infatti affrontando questa rivoluzione in modo diverso, dai pagamenti ai mercati dei capitali; in particolare questo documento riporta un'analisi approfondita di come i diversi attori si stiano approcciando alla rivoluzione dell'Internet of Value.
Internet of value : adoption by companies and institutions
ZAULI, ETTORE
2021/2022
Abstract
2021 and 2022, have seen many large players and institutions adopting the Internet of Value. This sector is indeed in constant growth, stablecoins are being regulated, CBDCs are being issued, and cryptocurrencies are emerging both as an asset, and as an efficient means of transmitting value. Among the top 100 global banks, 59 are pursuing at least one project involving cryptocurrencies or CBDCs. Financial institutions are in fact developing a strong interest in these instruments. Currently the most widespread implementation by financial institutions is to offer cryptocurrency investment services to their clients, but it is not the only one; some banks are experimenting with the use of stablecoins as an efficient means of making international payments, others are beginning to provide custody services to their clients, while Silvergate Bank and JP Morgan have recently accepted bitcoin as a collateral asset in loans. Banks are not the only actors joining the game. El Salvador and the Central African Republic have introduced bitcoin as legal tender, and Ukraine has begun accepting donations in 10 different cryptocurrencies. Companies such as Gucci and Balenciaga have launched pilot projects to accept cryptocurrency payments in some stores, and also the Payment providers market is changing. As of today, Paypal offers its customers the ability to buy and hold cryptocurrencies, while Stripe has incorporated payments via USDC. Whether it is with stablecoins, volatile cryptocurrencies, or CBDCs, many traditional actors are joining the race, trying to compete with crypto-native players challenging their status quo. The report offers a detailed mapping of IoV projects internationally, distinguishing among different types of actors. Each of them is indeed approaching this disruption differently, from payments, to capital markets; the main output of this paper is a thorough analysis on how different players are joining the Internet of Value revolution.| File | Dimensione | Formato | |
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Ettore_Zaul_IoV_Adoption.pdf
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Descrizione: Thesis analyzing the approaches to the Internet of Value of companies and institutions
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https://hdl.handle.net/10589/195377