A new survey conducted by Ripple has highlighted that the biggest obstacle to the widespread adoption of crypto-enabled payments is the lack of regulatory clarity.

The survey, co-hosted by Ripple and the Faster Payments Council (FPC) payment organization, shows that the payments industry globally is optimistic about the potential of cryptocurrencies and blockchain technology to enable faster and cheaper transactions. 

The “Transforming the Way Money Moves” report is based on responses from 281 analysts and CEOs across 45 countries. All participants were surveyed during the first half of 2022.

Nearly all respondents (97%) believed that crypto and blockchain technology would significantly enable faster payments over the next three years. In addition, more than half of the surveyed payment executives believed that most merchants would accept crypto payments within one to three years. That may be a bit too optimistic, though.

Optimism among Middle Eastern and African executives was particularly high. Roughly 27% believe that most merchants will be crypto-friendly by 2024. 

According to Ripple and FPC, this optimism could stem from the increased use of crypto-enabled solutions. Those include mobile payments and central bank digital currencies (CBDCs).

However, although over half of respondents considered using crypto for payments, only 17% supported crypto-enabled payments at the time of the survey. The report highlights that regulatory ambiguity and limited adoption were the main reasons for this. 

Furthermore, nearly 90% of respondents cited regulatory ambiguity as the main hurdle to crypto payments. Another 45% cite limited industry acceptance. Overcoming that latter obstacle remains a pressing issue in crypto land.

The report also highlights the significant potential of crypto-related technologies to become crucial to the global financial system. 

As a survey from Zogby Analytics and CasperLabs suggests, as many as 90% of enterprises in the United States, the United Kingdom, and China have been experimenting with blockchain technology since early 2023.

The news comes as Ripple CEO Brad Garlinghouse expects the XRP lawsuit with the SEC to be resolved this year. He stated, “It’s been almost two and a half years since that litigation began. We’ve tried to move forward as quickly as we possibly could,” and Ripple expects a decision “certainly in 2023.”

In conclusion, the survey highlights the potential of cryptocurrencies and blockchain technology to enable faster and cheaper transactions. 

However, regulatory ambiguity and limited adoption remain significant obstacles to widespread adoption. The findings suggest that continued efforts are needed to provide regulatory clarity and increase industry acceptance to realize the full potential of crypto-enabled payments.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.