Crypto Payments Surge: Survey Reveals Unprecedented Support Despite Regulatory Uncertainty
4. März 2023
• Ripple and the U.S. Faster Payments Council conducted a survey to investigate the potential of crypto and blockchain in the payments industry.
• The survey found that 100% of respondents believe these technologies can result in benefits like efficiency and cost saving for the payments industry.
• However, there is a need for regulatory clarity before any evolution can commence, with almost 90% of respondents saying that further growth in crypto payments adoption hinges on regulators providing clear rules.
Crypto & Blockchain for Payments Industry
Ripple and the U.S. Faster Payments Council recently conducted a survey to investigate the potential of cryptocurrency and blockchain technology in the payments industry. The survey found that 100% of respondents believe these technologies have great potential for bringing about benefits like efficiency and cost savings for all participants within this sector.
Uncertain Regulatory Environment Preventing Adoption
Despite this overwhelming agreement, further growth in crypto payments adoption is hindered by an uncertain regulatory environment, according to almost 90% of respondents who said that clear rules need to be provided by regulators before any real progress can be made.
Benefits of Crypto & Blockchain
The report speculated that cryptocurrencies and blockchain technology could save up to $10 billion in costs by 2030 due to its ability to reduce transaction costs and time significantly, leading to savings both businesses and consumers alike. Currently, there are many barriers such as pre-funding, high transaction fees, slow settlement times, opaque capital flows etc., which add additional costs when sending money across borders or domestically as well as hinder progress towards more efficient payment systems overall .
UN Goal For Remittance Cost
As of 2022-end, it was observed that average cost of a cross-border remittance was 6%, 2x more than what was set by United Nations as a goal; while domestic transactions had an average cost 4%. This data highlights how inefficient our current payment systems really are in comparison when using cryptocurrency or blockchain solutions which could dramatically reduce those numbers across all types of transactions if adopted widely enough
Regulatory Clarity Needed To Move Forward
Therefore it is evident from this survey that there is a dire need for regulatory clarity before we can witness any real transformation take place within this sector so until then we must wait patiently until more progress is made towards providing solid regulations which would open up access to these new technologies on a larger scale allowing them to reach their full potential within the payments space