According to most participants crypto could become a widely used payment method in the near future and lower settlement costs.
A joint study conducted by Ripple and the Faster Payments Council estimated that more than half of the surveyed leaders of payment firms think most merchants will accept cryptocurrencies as a settlement method within one to three years.
Almost every participant suggests that blockchain technology will enable faster financial transactions in the near future.global merchants will say “yes” to crypto payments in the next three years. Participants in the Middle East and Africa are more bullish: 27% believe this will happen in the next 12 months. Latin Americans seem the most bearish, with 67% predicting this to occur more than three years from now.
“Observers shouldn’t underestimate the transformative opportunity here: Global cross-border payment flows are expected to reach $156 trillion–driven by a 5% compound annual growth rate ,” the analysis added.Despite the overall bullishness on crypto’s possible merits, only 17% of the respondents revealed they had adopted cryptocurrencies as a means of payment.
However, Ripple opined that the US could be on the right path to setting appropriate cryptocurrency rules, outlining President Joe Biden’s roadmap to regulate the industry and ensure maximum investor protection. Susan Friedman – Director of Policy at Ripple – also said the communication between the blockchain firm and the US authorities had improved lately:
“We now have leaders in Congress on both sides of the aisle championing legislative solutions. The dialogue around crypto is much more sophisticated than it was two years ago,” Susan Friedman – Director of Policy, Ripple – said.
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