The new Ripple survey reveals what experts think about the potential for a single crypto niche to be widely adopted in the mainstream.
In the fall of 2021, Ripple asked more than 1,600 business participants from 22 countries to discuss what they think of the Central Bank Digital Currency (CBDC).
The subjects are divided into two equal groups, one representing a financial institution and the other representing a non-financial company making cross-border payments.
The report reveals that the “overwhelming majority” of respondents surveyed believe that CBDC is expected to be widely adopted.
“85% say they believe the CBDC will be adopted in their country within the next four years.”
More than 40% of respondents in each group believe that the CBDC has a “significant” impact on business, finance and society. Less than 10% of each group expects an impact to be “non-existent”.
Forty-two percent of financial experts predict that the CBDC will drive innovation compared to 32% of corporate respondents.
The survey also asked about the potential for CBDC breakthroughs across eight possible indicators, including increased access to consumer credit and improved ways of operating businesses. The responses of all respondents were positively in the range of 28% to 34% in each category.
Ripple points out that the impact of blockchain on fiat currencies could be a “game changer” for governments adopting the CBDC.
The report concludes that:
“Greater inclusion, greater equity, new opportunities, new efficiencies, enhanced competitiveness, etc. are all potential consequences.
As a result, we believe that the recruitment curve will rise much more rapidly over the next two years as a safe, agile and sustainable approach to the CBDC is tested and proven around the world. “
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Featured images: Shutterstock / olbor62 / CL Shebley