According to a new survey conducted by Ripple, a lack of regulatory clarity is the main obstacle to the adoption of cryptocurrency-enabled payments.

According to a new survey conducted jointly with Ripple, the global payments industry is positive about the potential of cryptocurrencies and blockchains to enable faster and cheaper transactions.

Blockchain-based digital payments network Ripple and payments organization Faster Payments Council (FPC) published a report on March 2 exploring the possibilities of cryptocurrency-enabled payments.

The report, titled Changing the Way Money Flows, provides insight into global trends in cryptocurrency payments based on surveys submitted by more than 950 FPC subscribers, including research and business leaders in 45 countries. The survey included 281 respondents who asked 25 questions about the use cases and benefits of blockchain payments, ownership of digital assets, and implementation challenges. Fieldwork for the survey took place during the first half of 2022.

According to the survey results, nearly every FPC subscriber surveyed—or 97% of respondents—agreed that cryptocurrency and blockchain technology will play an important role in enabling faster payments over the next three years. Over 50% of payments executives surveyed believe that most merchants will accept cryptocurrency payments within one to three years.

27% of Middle East and Africa executive respondents believe that by 2024 most vendors will be cryptocurrency friendly. According to Ripple and FPC, such optimism in these markets can be explained by solutions that support cryptocurrency, such as mobile payments and central bank digital currencies (CBDC).

While 52% of respondents planned to use cryptocurrency for payments, according to the report, only 17% of respondents supported cryptocurrency-based payments at the time of the survey.

The report found that regulatory clarity and limited adoption were the main reasons behind the lack of adoption of crypto-technology for payments. Almost 90% of respondents cited regulatory ambiguity as the main barrier to cryptocurrency payments, while 45% of respondents cited limited industry acceptance.

In 2022, financial data platform Pymnts and crypto-payment company BitPay published a survey that found that the majority of respondents from companies with annual revenue of $1 billion are using crypto-payments to find and attract new customers.

Related: Brazil’s oldest bank allows residents to pay taxes via cryptocurrency

Ripple’s latest report confirms the significant potential of crypto-technology to become an integral part of the global financial system. According to a survey by Zogby Analytics and CasperLabs, at least 90% of enterprises in the US, UK and China are experimenting with blockchain technology as early as 2023.

The news comes amid expectations from Ripple CEO Brad Garlinghouse that XRP’s case with the US Securities and Exchange Commission will be resolved this year.

“Almost two and a half years have passed since the start of the trial. We’ve tried to move forward as quickly as possible,” Garlinghouse said, adding that Ripple expects a decision “definitely by 2023.”

Source: CoinTelegraph

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