According to the report, a whopping 76% of financial institutions surveyed plan to use cryptocurrencies within the next three years. A new report from Ripple highlights trends in the adoption and use of emerging technologies such as crypto and blockchain in businesses and financial institutions.
Both financial institutions and businesses see the benefits of using internal cryptocurrencies. Said by 42% of financial institutions and 41% of businesses.
Research has named portfolio management and payments as the most valuable additions to the corporate world. Portfolio management is detailed as hedging against inflation, hedging against other asset types, and asset valuation. Participants said data security and quality were the two main advantages of using blockchain and crypto for payments.
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That said, as this is an emerging technology, adoption remains an uphill battle for large institutions. According to the report, both businesses and financial institutions recognize that a lack of public understanding is one of their biggest challenges.
However, the report also highlights that the regulatory slow-moving process surrounding the industry is causing hesitation among potential users. Regulations in countries around the world are in constant flux as authorities scramble to keep up with the fast-paced crypto scene.
Recently, U.S. regulators came under scrutiny from the U.S. Congress for “non-judicial actions” against cryptocurrency companies. The Securities and Exchange Commission (SEC) is scrambling to introduce effective crypto regulation in one of the most active regions of the industry.
Related: Tech Industry Group Calls for Regulatory Clarity, Claiming Crypto Job Losses Threaten U.S. Interests
Despite the setback of crypto-ambiguous regulation, the report still reveals a positive interest in global institutional and central bank digital currencies (CBDC). Thirty-four percent of financial institutions surveyed said a CBDC would help “accelerate the digitization of finance” and provide “greater access to credit for consumers and businesses.”
From a global perspective, this report has analyzed regional Non-Fungible Tokens (NFTs) interest based on their emotional and functional advantages. Respondents in the Asia-Pacific region were three times more likely to buy her NFTs for sentimental or emotional reasons compared to other reasons. Of the eight her NFT genres listed, 55% said her music-related NFTs were of most interest.
Sustainability was rated as it continues to be a hot topic both within and outside the industry. According to Ripple data, more than 75% of surveyed consumers prefer buying sustainable cryptocurrencies. Over 20% claim to buy only “sustainable” cryptocurrencies.
