More than 75% of financial institutions will join the crypto universe in the next three years if the sector works within the regulatory framework, Ripple research concludes.
The Ripple report estimates that 76% of financial institutions plan to use crypto in the next 36 months. However, the majority of these entities said they would delve deeper into the industry, assuming an appropriate regulatory framework was in place.
When asked why they still haven’t joined now, most said it was due to lack of proper regulations, as well as many scams that have occurred in recent times.
Another factor that will drive crypto adoption is banks and their attitude towards the sector. 65% of respondents admitted they would be more inclined to invest in bitcoin or altcoins if their bank offered such services.
However, it is worth noting that a number of monetary institutions have become HODLers over the years. 50% said they did so because they see digital assets as an excellent hedge against inflation.
Companies and individuals based in Latin America seem to be most attracted to this industry. 50% of them believe that cryptocurrencies will have a big impact on the future economy, while 35% of European respondents have the same opinion.
Ripple notes that interest in digital collectibles has “sprung up” over the past few months. However, this market is still in its “early days” and most consumers either don’t understand it.
36% of the financial institutions surveyed believe that CBDCs will cause a significant impact on society, while 34% think they will boost the network economy.