Maxim Ilgov, the Development Director at ONLY BANK, has shared his insights on the key trends in the cryptocurrency industry for 2024. He highlighted that the focus will be on centralized digital currencies (CBDCs), including the digital ruble.

The Central Bank of Russia plans to introduce the digital ruble, continuing pilot projects started in 2023. In 2024, an expanded use of the digital ruble is expected, which could reduce operational costs for banks by 5-7% and speed up transactions.

The digital ruble is also intended to enhance the transparency of financial transactions and reduce fraud risks, though data protection and transaction confidentiality issues remain relevant. Russian developers are actively working on solving these problems. Globally, improvements in CBDC technology, development of cross-barter payments, and integration with existing financial systems are expected, as seen with the European Central Bank's digital euro project.

An increase in interest in non-fungible tokens (NFTs), particularly in real estate and personal finance, is also anticipated. The use of artificial intelligence (AI) technologies for improved analytics and security in cryptocurrency systems will continue, and Layer 2 solutions will evolve to enhance scalability and reduce transaction costs.

Ilgov also notes that increased regulatory control over the crypto market will require new technological and legal solutions, especially in the context of CBDCs. According to Ilgov, 2024 will be a pivotal year for cryptocurrency markets, with the strengthening of the integration of traditional financial systems and new technologies, opening new prospects for the global industry.