In the autumn of 2021, Ripple polled more than 1,600 business participants in 22 nations on their opinions on central bank digital currency (CBDC).
Two equal groups were questioned, one representing financial institutions and the other representing non-financial enterprises making cross-border payments.
The majority of respondents think broad CBDC adoption is imminent, according to the research.
According to 85% of respondents, CBDCs will be implemented in their nation during the next four years.
Over 40% of each group’s respondents think CBDCs will have a “major” influence on business, finance, and society. Less than 10% of each group anticipates that the effect will be “nonexistent.”
Source: Crypto Trends in Business and Beyond
42% of financial professionals believe that CBDCs will stimulate innovation, compared to 32% of business respondents.
Source: Crypto Trends in Business and Beyond
In addition, the study inquired about the possibility of CBDC breakthroughs across eight different measures, such as expanding consumer credit access and enhancing corporate operations. In each area, yes responses from all respondents ranged from 28 to 34%.
Source: Crypto Trends in Business and Beyond
The effect of blockchain technology on fiat currencies might be a “game changer” for countries adopting CBDCs, according to Ripple.
The conclusion of the research states, “Greater participation, greater fairness, new opportunities, new efficiencies, and increased competitiveness are all possible results.”
As more safe, agile, and sustainable methods for CBDCs are tried and proved globally over the next two years, we anticipate a steeper ascent in the adoption curve.