Recently, many studies have demonstrated the eminently revolutionary character of cryptos, to increase the speed of international payments. New investigations, conducted by crypto company Ripple, further support these findings. These should be further confirmed.
Cryptos, massively supported
On Friday March 3, Ripple published the results of an investigation conducted among some users in the crypto industry. The study was carried out in collaboration with the federal Faster Payments Task Force. It reveals a massive use of crypto payment methods. According to the survey data, this growing appetite for crypto payments is due to the advantages offered by this market. 100% of those interviewed consider the blockchain and its applications to be much faster than traditional payment methods.
These people believe that this technology offers a comparative advantage in terms of costs. Consequence: they expect the adoption of blockchain technology to solve the problems faced by traditional payment methods. These challenges are called, among other things, the lack of financial inclusion and transaction costs that are still very high.
“Cryptos are well positioned to solve some seemingly intractable problems in payments. They do this by filling various gaps in payment flows, efficiently and effectively”says the study.
What about regulations?
But there is a big worry, Ripple’s report reveals. The regulation wanted by the actors of the American financial markets is stalling. For around 90% of respondents, crypto adoption is stalling because industry regulation is poorly driven. A situation that brings grist to the mill for 10% of them who do not really believe in the potential of this market.
For 50% of respondents, a large majority of merchants will adopt the blockchain within one to three years. This is a little more than triple the 17% who already make it an ally of their operational performance.
Overall, Ripple shows these people fear that the lack of pragmatism in the implementation of regulations will undermine this process. What they want is for regulators to provide the industry with a clear guideline on how to proceed.
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