A survey carried out by Ripple and the Faster Payments Council (FPC) has estimated that most merchants will accept cryptocurrencies as a means of payment within one to three years.
The survey also reveals that participants believe blockchain technology will enable faster financial transactions in the near future.
According to the survey which was published by Ripple Lab, the mother company of XRP, half of the participants believe that lower transaction cost is one of the main competitive advantages of crypto settlement, especially for cross-border payment.
Cryptocurrency payment is seen as a faster method of making payments. Unlike traditional cross-border transactions that could take days or weeks, cryptocurrency transactions often take seconds while the transaction fee could be less than 5 dollars in most cases.
According to Ripple, the vast majority of the respondents (97%) believe cryptocurrencies and blockchain technology will have a “significant or very significant” role in enabling faster transactions in the next 36 months.
Investors King understands that this position is supported by a UK-based marketing company – Juniper Research which noted that blockchain technology has the potential to increase savings to financial institutions conducting international transactions to $10 billion by 2030.
However, despite the merits of cryptocurrency transactions, only 17% of the respondents revealed they had adopted cryptocurrencies as a means of payment. The main obstacles for organisations to hop on the bandwagon are regulatory uncertainty, limited industry acceptance, and concerns about customer protection.
Nonetheless, the report 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.
If this is done, it will instill more confidence in corporate finance firms which could usher in new adoption of cryptocurrency and Blockchain technology entirely.
Already, there are pro-cryptocurrency legislators both in the US Senate and House of Representatives. Furthermore, crypto giant Coinbase recently launched a pro-cryptocurrency campaign to drive friendly legislation in the United States.
