Crypto Payments Adoption: Ripple Survey Finds Regulatory Clarity

Ripple’s recent survey revealed that regulatory clarity remains the main obstacle to adopting crypto-based payments. In collaboration with the Faster Payments Council, the “Transforming the Way Money Moves” survey involved over 950 FPC subscribers from 45 countries. The survey aimed to gather input on changing attitudes towards payments, including the role of blockchain and digital currencies.

According to the Ripple survey, 97% of respondents believe crypto and blockchain will be critical drivers of faster payments in the next three years. The survey also revealed growing confidence in digital assets and a shift in attitudes toward their adoption. Furthermore, over 50% of payment executives surveyed believe most merchants will accept crypto payments within one to three years. However, while 52% of respondents consider cryptocurrency for payments, only 17% support crypto-enabled prices.

The report notes that regulatory clarity and limited adoption were the biggest reasons for not adopting crypto payment technologies. The survey revealed that almost 90% of respondents identified regulatory uncertainty as the primary barrier to crypto payments. Additionally, 45% of interviewees stated that limited industry acceptance is a significant obstacle to widespread adoption.

According to the survey, Middle Eastern and African executives are optimistic about cryptocurrency adoption, with 27% expecting most merchants to accept crypto payments by 2024. Ripple and FPC attribute this optimism to the emergence of cryptocurrency-enabled solutions like mobile payments and CBDCs in these markets.

Brad Garlinghouse, the CEO of Ripple, has urged for regulatory clarity to address concerns slowing the adoption of crypto payments. Additionally, he believes the lack of regulatory guidance has created uncertainty among businesses and investors. “We need regulatory clarity on the classification of digital assets and how they can be used,” Garlinghouse said.

Survey Highlights Potential of Crypto-related Technologies

Ripple and FPC’s survey underscores the significant potential of cryptocurrency and blockchain technologies to become integral parts of the global financial system. Another report by Zogby Analytics and CasperLabs indicates that up to 90% of US, UK, and China companies have been testing blockchain tech since early 2023.

Related Reading |IMF Prefers Crypto Regulation Over Outright Ban: Report

Moreover, Regulatory clarity is crucial to ensure the growth and adoption of crypto payments. The industry widely recognizes the potential of blockchain and cryptocurrencies, yet regulatory ambiguity persists. To fully realize the benefits of crypto-enabled payments, regulatory clarity is crucial as the industry matures.

The author’s views are for reference only and shall not constitute investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing

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