The future belongs to digital assets, banks must accept them – a survey
2 min readDigital currencies will replace physical money
Deloitte, a multinational provider of audit, tax, consulting, corporate risk and financial advisory services, surveyed more than 1,000 bank executives and executives of financial institutions based in the United States, the United Kingdom, China, Hong Kong, Germany, Brazil, and Japan , Singapore, South Africa and the United Arab Emirates. The goal was to determine whether these top managers saw a future associated with cryptocurrencies.
The majority of respondents, 80%, said that digital assets will play a very important role in the financial sector over the next two years. 73% of executives believe that adopting a blockchain is essential if organizations are to be competitive in the future.
76% went further, claiming that virtual assets would replace fiat currencies in the next 5 to 10 years. They even predicted that the end of physical money was approaching.
Linda Pawczuk – Head of Blockchain and Digital Assets in the USA at Deloitte – commented the results:
“Over the past year, we have seen a significant shift in how the global financial ecosystem is thinking about new business models involving digital assets and how important they are in the financial infrastructure.”
Pawczuk added that the fundamentals of banking are fundamentally outdated and financial managers must find alternative ways to create “economic growth in the future of money.”
43% of respondents were in favor of their institutions accepting cryptocurrencies as a payment option. This number is even higher among senior executives – 63%.
According to one in six respondents, regulatory barriers are the biggest barrier to the wider uptake of digital assets. 71% fear the need to improve cyber security in the cryptocurrency sector.
Previous research by Deloitte
According to another survey conducted by a service provider last year, 83% of executives in large corporations in various developed countries, such as the United States, the United Kingdom, Switzerland and Israel, see compelling cases of blockchain technology.
Of all these managers, 53% said that blockchain technology had already become a top priority for their respective companies.
There were 35% of people who expressed security concerns in the cryptocurrency sector, while 39% were of the opinion that digital assets have regulatory problems.
