A new Ripple survey reveals what experts think about the potential for one crypto niche to see widespread mainstream adoption.
In the fall of 2021, Ripple asked over 1,600 business participants across 22 countries to discuss what they thought of central bank digital currencies (CBDCs).
Those surveyed were divided into two equal groups, one representing financial institutions and the other group representing non-financial businesses making cross-border payments.
The report reveals that the “vast majority” of the respondents polled believe widespread CBDC adoption is in sight.
“With 85% saying they believe CBDCs will be adopted in their country within the next four years.”
Over 40% of respondents from each group believe CBDCs will have a “significant” impact on business, finance and society. Less than 10% of each group expects the impact to be “non-existent.”
Forty-two percent of finance professionals foresee CBDCs as fostering innovation compared to 32% of enterprise respondents.
The survey also asked about the likelihood of CBDC breakthroughs across eight possible metrics, such as increasing access to consumer credit and improving how businesses operate. All respondents’ answers ranged from 28% to 34% in the affirmative in each category.
Ripple notes that blockchain’s impact on fiat currencies could be a “game changer” for governments adopting CBDCs.
The report concludes,
“Greater inclusion, greater equity, new opportunity, new efficiency, enhanced competitiveness and more are all potential outcomes.
For that reason, we believe the adoption curve will slope upwards much more rapidly in the coming two years as secure, agile, and sustainable approaches to CBDCs are tested and proven more widely across the globe.”
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Featured Image: Shutterstock/olbor62/CL Shebley