The government will push through with the tax laws which will take effect early next year despite opposition from the majority party, according to the minister.
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A $4.47 million market worldwide in 2020, it is anticipated to grow rapidly to $83.3 billion in 2027 as central banks figure out how to use blockchain in their digital currency initiatives.
Worldwide markets are poised to achieve continuing growth as blockchain proves its value by managing digital transactions in real time across national boundaries, encouraging collaborative business efforts. Lowering transaction management costs is a key benefit.
Blockchain can be implemented in an IBM mainframe that is already a core technology for virtually every bank. Blockchain updates the security in transaction processing, implementing end to end encryption.