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76% Expect to Use Crypto in the Next Three Years: Ripple

According to the data, 76 percent of financial institutions surveyed intend to use cryptocurrency over the next three years.

Photo by Kanchanara / Unsplash

According to the data, 76 percent of financial institutions surveyed intend to use cryptocurrency over the next three years. The latest research from Ripple sheds insight on patterns of enterprise and financial institutions’ adoption and use of blockchain and other emerging technologies.

Businesses and financial institutions are both becoming aware of the advantages of internal crypto usage. According to 42 percent of financial institutions and 41 percent of businesses, the most popular justification is that cryptocurrency increases the number of people with access to financial services.

The survey identifies payments and portfolio management as the two most beneficial innovations for the business world. Hedging for inflation, hedging against all other asset classes, and hedging against asset appreciation are all parts of portfolio management. Participants cited data security and quality as two key advantages of using blockchain and cryptocurrencies for payments.

Reasons for Apprehension of Adoption Cryptos

However, acceptance is still difficult for powerful institutions because this is a new technology. The report claims that one of the major issues is a widespread lack of awareness among businesses and financial institutions.

The report also emphasized that potential customers are hesitant to use the sector because of the business’s slow-moving regulatory process. Globally, laws are constantly changing as governments scramble to stay up with the brisk cryptocurrency landscape.

The U.S. Congress recently questioned American regulators about their “non-judicial actions” against cryptocurrency businesses. The Securities and Exchange Commission (SEC) of the United States is now implementing efficient crypto rules for one of the regions where the industry is most active.

Institutions Interested in CDBC

The research nonetheless demonstrates the active interest of international institutions and central bank digital currencies despite setbacks in crypto-ed and hazy laws. According to 34% of the institutions questioned, CBDCs will contribute to the “acceleration of financial digitization” and “increased access to credit for consumers and enterprises.”

The paper examined regional nonfungible token (NFT) demand based on the emotional versus practical benefits from a global perspective. Asia-Pacific respondents were three times more likely than elsewhere to buy an NFT for sentimental or emotional reasons. Of the eight NFT categories, 55% responded that NFT tied to music is their favorite.

Since sustainability is still a hot concern inside and outside the industry, it was also evaluated. Over 75% of polled users said they preferred to purchase sustainable cryptocurrencies, per Ripple’s research. More than 20% say they would only buy “sustainable” cryptocurrency.