A recent survey conducted by Ripple has indicated a general sense of optimism in the payments industry regarding the use of cryptocurrencies.
The study, which was co-hosted by Ripple and the Faster Payments Council (FPC), surveyed 281 CEOs and analysts from 45 countries in the first half of 2022. It revealed that 97% of respondents believe that cryptocurrency and blockchain technology will enable faster payments within three years.
The report found that the highest level of optimism was reported in the Middle East and Africa, with 27% of respondents believing that most merchants would accept crypto payments within the next three years. This could be due to the increasing use of crypto-enabled options such as mobile payments and central bank digital currency (CBDCs).
However, while over half of the respondents thought that crypto could be used to pay for transactions, only 17% actually supported crypto-enabled payments. The survey revealed that regulatory uncertainty and limited adoption remain major obstacles to widespread crypto adoption.
Nearly 90% of respondents identified regulatory ambiguity as the biggest barrier to crypto payments. Additionally, 45% of respondents stated that industry acceptance is limited. The industry will need to take steps to overcome these challenges in order to make cryptocurrencies a viable payments option.
A recent survey conducted by Zogby Analytics and CasperLabs provides insight into the industry’s optimism surrounding cryptocurrency payments. The report indicates that as many as 90% of businesses in the United States, United Kingdom, and China have experimented with blockchain technology since the early 2020s.
The survey also concluded that cryptocurrencies have the potential to facilitate faster and more affordable transactions. However, limited adoption and regulatory ambiguity are major obstacles to widespread adoption. These findings suggest that regulatory clarity and increased industry acceptance is needed to unlock the full potential of crypto-enabled payments.
Ripple CEO Brad Garlinghouse recently expressed confidence that the XRP lawsuit with the SEC will be resolved this year. He noted that the dispute had been ongoing for almost two and a half years and that Ripple was doing everything possible to progress the matter.
