More than 75% of financial institutions intend to use cryptocurrency in the next three years
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Answer More than 75% of financial institutions intend to use cryptocurrency in the next three years
According to a recent report from Ripple, 76% of financial institutions plan to use cryptocurrencies in their operations in the next 36 months.
The report also stated that the majority of these entities will delve into the crypto industry, assuming an appropriate regulatory framework is in place.
The study also revealed that 20% of global consumers would only buy sustainable cryptocurrencies.
The report noted that many people do not know which digital assets use the Proof of Work (POW) consensus mechanism and which are the least energy intensive.
Ripple Report Shows Recent Crypto Trends:
The research determined that nearly three-quarters of global financial institutions intend to jump on the cryptocurrency bandwagon in the next three years.Read:The Securities and Exchange Commission (SEC) has fined the Rivetz crypto project more than $18 million
When asked why they are not doing so at the moment, most participants told that it was due to the lack of proper regulations regulating the market, in addition to the multiple scams that have occurred in the space recently.
Another factor that should promote the adoption of cryptocurrency is the banks and their attitude towards the crypto market.
65% of respondents admitted that they would be more inclined to invest in bitcoin or altcoins if their local financial institution offered such services, while only 17% said it would not matter.
Geographically, companies and individuals based in Latin America seem to be the most interested in this industry.
50% of them believe that cryptocurrency will have a huge impact on the future economy, while 35% of European participants share the same ideas.
CBDC Digital Currencies:
The report also mentioned Ripple the pros and cons of digital central bank currencies and what financial institutions and consumers think about them.
According to Ripple, the CBDC product will significantly increase monetary inclusion, for example, making payments not only fast but also more widely distributed.
It was stated in the report:Read:Report: 2019 Crypto Industry Scams At $3.1 Billion
CBDCs will benefit from the same core technology driving powerful new digital assets such as crypto, and can be used for cross-border payments with less friction and cost compared to traditional solutions.Read:CME Group Announces Ethereum Options Release Date
Finally, given that they can be easily managed, they can support strong and rapid implementation of various monetary policies.
The downside of CBDCs is that they will be completely centralized and monitored by governments, which means they will not provide the freedom that Bitcoin and other altcoins provide.
36% of the financial institutions surveyed believe that digital central bank currencies will have a significant impact on society, while 34% believe they will strengthen the network of the economy.
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