Cryptocurrencies, everywhere in 3 years? Ripple thinks big

A big YES from institutions. Ripple (XRP) sharing of encouraging figures regarding the use of cryptocurrencies by financial institutions. The report published by the company highlights the obstacles and levers that penalize or promote this adoption.

Financial institutions fond of cryptocurrencies

76% of financial institutions are planning to include cryptocurrencies in their operations, in the next 3 years, but thelack of regulation appropriate remains a major obstacle.

This quantitative and qualitative data comes from a recent report published by Ripple. This survey describes trends in the use of cryptocurrencies in businesses. Although this is only declarative for the moment, more than 3/4 financial institutions would therefore be ready to take the plunge and embrace cryptocurrencies.

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Scam and inappropriate regulation: the burdens of the sector

When asked about the reason for their hesitation in the past and currently, respondents spoke of the importance of a appropriate regulatory framework. It’s a prerequisite to their dive into cryptocurrencies. The multiple scams in the sector add to the absence of such regulation. This explains the reluctance of financial institutions vis-à-vis cryptocurrencies.

While these factors are major barriers to mass adoption of cryptocurrencies by financial institutions, the survey found that theattitude of banks with regard to the sector can serve as catalyst.

At the question “Would you buy cryptocurrencies through your bank if they offered them? », 65% responded withaffirmative17% with a NO and the rest, 18%, have no precise position.

Ecology as a criterion for choosing a cryptocurrency

Ripple’s study also has a green section. She reflected on the importance of ecological character cryptocurrencies, in their adoption. 21.2% of consumers surveyed would only buy cryptocurrencies that have this sustainable dimension. The operation of the underlying blockchain to consume little energy.

8.1% wouldn’t hold don’t count of this criterion when buying a cryptocurrency. Whereas 14.1% responded with a ” I do not care “ well asserted.

L’adoption structure of cryptocurrencies is therefore not hampered by a crypto winter cyclical, regardless of the size of the red candlesticks, but by major factors, such as the regulations and scams. To be able to attract large investors, such as institutional investors in decentralized finance, cryptocurrencies and DeFi in general may need to accepting an unnatural marriage in regulatory matters.

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