More than 75% of financial institutions intend to use crypto in the next 3 years

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2022-08-16 08:57:48

According to research by Ripple, more than 75% of financial institutions will be involved in the crypto space in the next 3 years if operating within the legal framework.

The Ripple report estimates that 76% of financial institutions plan to use crypto in the next 36 months. However, most of these organizations said they would do more in-depth research on the industry, assuming that an appropriate regulatory framework is in place.

Banks tend to increase the use of cryptocurrencies

As for why not entering the industry right now, most of the reasons given are the lack of proper regulations, and the recent occurrence of many scams, incidents, and hacker attacks. Meanwhile, another factor driving the adoption of cryptocurrencies lies in how banks perceive the sector. 65% of respondents said that they are more likely to invest in Bitcoin and altcoins if their bank offers this service.

However, it is worth mentioning that there have been a number of financial institutions that have become HODLER over the years. 50% of surveyed organizations explained that they consider digital assets to be an excellent hedge against inflation.

Typically, businesses and individuals in Latin America participate enthusiastically in crypto. 50% of them believe that cryptocurrencies will have a big impact on the future economy, 35% of European respondents share the same opinion.

See more: Argentinians rush to buy Tether (USDT) after the resignation of the Economy Minister

In addition, the report also notes that interest in digital collectibles has “sprung up” over the past few months. The NFT market is still in its “early days” and most people don’t understand it.

36% of financial institutions surveyed believe that CBDCs (central bank digital currencies) will significantly affect social life, while 34% think they will boost the network economy. economic.

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