according to Research by Deloitte The future of the cryptocurrency world looks bright. The research indicates that the vast majority of corporate executives believe that digital assets will become an important part of the global financial system.
The end of physical money in sight?
Deloitte surveyed CEOs of nearly 1,000 companies about cryptocurrency in the survey. 80% of those surveyed believe that within two years digital assets will become an integral part of the financial world. At least 73% believe in embracing blockchain Technology will be essential to be able to participate in the competitive market of the future.
Most importantly, 76% say they believe fiat currencies should give way to digital currencies within five to ten years. Some say they wouldn’t be surprised if the era of material money is almost over.
Transformation of the financial ecosystem
According to Linda Pawczuk, a blockchain and digital currency expert at Deloitte, this is indicative of a shift that has been underway for several years.
“Over the past year, we have seen a significant shift in how the financial ecosystem thinks about new business processes fueled by digital assets and how this will play an important role in the financial infrastructure.”
Executives of financial institutions such as banks were also questioned. About 76% of executives in financial institutions fear that their companies will fall behind if they do not adopt blockchain technology and digital currencies soon.
Finally, 43% believe their company should create the possibility to pay with them as quickly as possible Cryptocurrency.
Despite such positive sentiments from CEOs regarding blockchain technology and cryptocurrency, there are also a number of areas that need improvement. For example, 71% believe that the safety of this new innovative sector often leaves something to be desired. In addition, the restrictive regulations are a cause of minor concerns for many.
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