In the next three years, 76% of global financial institutions plan to integrate cryptocurrencies into their business if the legislation in their jurisdiction allows. This is evidenced by the results of the Ripple survey.

Data from our new Value Report shows that many people agree with the potential to: #CBDCs Ensuring a more inclusive future financially.

Meanwhile, over 40% of financial institutions consider CBDCs to be the solution for efficiency in payment systems. Read more: https://t.co/8MJyVmcACR

— Ripple (@Ripple) 14 July 2022

More than 1,600 heads of financial institutions and business enterprises in 22 countries participated in the study. Analysts also interviewed blockchain developers, industry experts, and industry professionals.

85% of respondents believe a CBDC will be launched in their country within the next four years. Numerous respondents noted that national digital currencies will have a significant impact on their businesses, finances and society as a whole.

Financial institutions and businesses prioritize increasing the efficiency of payments. CBDC. However, their preferences differ: firstly, they expect an increase in competitiveness in the international arena, secondly – strengthening monetary policy.

Financial institutions are more optimistic than businesses about integrating cryptocurrencies into their business over the next three years (76% versus 71%). The three most common responses to reasons for companies to acquire digital assets on their balance sheets included:

• protection from inflation;
• to pay;
• collateral for loans.

As with CBDCs, most respondents believe cryptocurrencies will have a “significant” or “large-scale” impact on their business. Ripple stated that Europe is quite conservative in this regard (35% of respondents share this view). At the other end of the spectrum is Latin America (50%).

70% of respondents from financial institutions are interested in using blockchain for payments and payments. At the same time, representatives of the fintech segment were 15% less likely to give a similar answer. Analysts explained this with the latter’s more advanced technological infrastructure.

Ripple also noted that respondents from the Asia-Pacific region (APR) and Latin America in general were more positive about cryptocurrencies and distributed networks.

In particular, users from the Asia-Pacific region are three times more likely than residents in other locations to purchase NFTs “for commemoration of a momentous moment” rather than for utilitarian reasons. The majority of respondents (79%) indicated that they would purchase non-replaceable tokens “for a functional reason”.

According to a Bitstamp report, 79.6% of retailers and 72.6% of institutional investors are convinced that digital assets will be widely adopted in the next decade.

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