Ripple’s latest value report has estimated that three-quarters of financial organizations plan to use cryptocurrencies in their financial structure in the next 36 months. The majority of those entities are ready to dive into the cryptocurrency ecosystem only if there is a comprehensive regulatory framework applied to it.
The study also revealed that another factor that should improve cryptocurrency adoption is financial institutions like banks and their attitude towards the cryptocurrency ecosystem. 65% of the respondents to the study said that they would be much more inclined to invest in digital assets if their traditional financial institutions provided such services. 17% of the respondents said that it wouldn’t matter.
The study also revealed that about 20% of global cryptocurrency consumers would only buy sustainable cryptocurrencies and digital assets. Ripple however pointed out that many people are not aware of the cryptocurrencies that use Proof-of-Work (POW) consensus mechanism which is widely recognized as being less energy intensive.
It is notable that a great percentage of monetary entities have turned into HODLers over the past few years. 50% of these entities said that they see cryptocurrency and digital assets as a strong hedge against inflation, a currency that can support payments and transactions or as an asset that can be lended or used as collateral for borrowing.
The research also included non-fungible tokens (NFTs) and central bank digital currencies (CBDC). Ripple noted that interest in NFTs and digital collectibles has soared in recent months. However, the NFT community is still in it’s early days and many participants either do not totally understand it or are still highly skeptical about it.
Majority of those who know the benefits of NFTs said they would buy the collectibles out of functional benefits than out of emotional ones. NFTs related to gaming, music and sports industries seem to interest people the most while digital collectibles linked to pop culture and movies fall behind.
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