Over the next three years, 76% of global financial institutions plan to integrate cryptocurrencies into their business, if regulations in their jurisdictions permit it. The results come from Ripple’s survey.
Data from our New Value Report shows that many agree with the potential for #CBDCs to bring about a more financially inclusive future.
Meanwhile, over 40% of financial institutions feel CBDCs solve for efficiency in payments systems. Read more:https://t.co/8MJyVmcACR
— Ripple (@Ripple) July 14, 2022
The study involved more than 1,600 executives of financial institutions and commercial enterprises across 22 countries. Analysts also surveyed blockchain developers, industry experts, and professionals working in the sector.
85% of respondents believe that in the next four years their countries will launch CBDC. The vast majority of respondents noted that national digital currencies will have a significant impact on their business, finance, and society at large.
Financial institutions and corporate enterprises rank improving payment efficiency through CBDCs as their top priority. Yet preferences diverge: the former anticipate greater competitiveness on the international stage, the latter — a strengthening of monetary policy.
Financial institutions are more optimistic about integrating cryptocurrencies into their business over the next three years than enterprises (76% vs 71%). The three most common reasons for holding digital assets on balance sheets include:
- inflation hedging;
- facilitating payments;
- collateral for loans.
As with CBDCs, most respondents believe that cryptocurrencies will have a \”significant\” or \”large-scale\” impact on their business. Ripple noted that Europe is relatively conservative on this front (35% share this view). At the other end of the spectrum is Latin America (50%).
70% of financial institution respondents are interested in using blockchain in payments and settlements. Fintech segment respondents were 15% less likely to give such an answer. Analysts attributed this to a more developed technological infrastructure in recent years.
Ripple also noted that respondents from the Asia-Pacific region (APAC) and Latin American countries in general are more positive about cryptocurrencies and distributed networks.
In particular, APAC users buy NFTs \”to commemorate a significant moment\” three times more often than residents of other locations, rather than for utilitarian purposes. A majority of respondents (79%) said they would buy non-fungible tokens \”for functional purposes.\”
According to a Bitstamp report, 79.6% of retail investors and 72.6% of institutional investors are convinced of the broad adoption of digital assets over the next decade.
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