Results emerge from the new survey carried out by Ripple (XRP) regarding the blockchain industry. Apparently, 97% of payment companies believe in the power of crypto. Full details below.
Ripple (XRP) and the crypto survey
The global payments industry is confident about the potential of cryptocurrencies and blockchain to enable faster and cheaper transactions, according to a new survey co-hosted by Ripple.
However, it also highlights how a lack of regulatory clarity is the biggest obstacle to the adoption of cryptocurrency-enabled payments, again according to the survey.
Specifically, blockchain-based digital payment network Ripple and payment organization Faster Payments Council (FPC) released a report on 2 March dedicated to the opportunities for cryptocurrency-enabled payments.
Titled “Transforming the Way Money Moves,” the report provides insights into global cryptocurrency payments trends based on a survey sent to more than 950 FPC subscribers such as analysts and CEOs in 45 countries.
The survey included a total of 281 respondents who answered 25 questions on topics of use cases and benefits of blockchain payments, ownership of digital assets and barriers to use.
Fieldwork for the survey was conducted during the first half of 2022.
Ripple (XRP) crypto survey results: all the details
According to the survey results, nearly all of the CVT subscribers surveyed, or 97% of respondents, believe that cryptocurrency and blockchain technology will play a significant role in enabling faster payments in the next three years.
In addition, more than 50% of payment executives surveyed believe that most merchants will accept cryptocurrency payments within one to three years.
27% of respondents for Middle East and Africa executives believe that most merchants will be crypto-friendly as early as 2024.
According to Ripple and FPC, such optimism in these markets could come from cryptocurrency-enabled solutions such as mobile payments and Central Bank Digital Currencies (CBDCs).
Although 52% of respondents consider using cryptocurrencies for payments, only 17% of them supported cryptocurrency-enabled payments at the time of the survey, according to the report.
The main reasons for respondents not yet adopting crypto technologies for payments were regulatory clarity and limited adoption, the report notes.
Nearly 90% of respondents cited regulatory ambiguity as the main obstacle to cryptocurrency payments, while 45% of respondents cited limited industry acceptance.
What do other polls say about the blockchain world?
In 2022, financial data platform Pymnts and crypto payments company Bitpay released a survey suggesting that most respondents for companies with $1 billion in annual revenue were adopting crypto payments to find and acquire new customers.
Ripple’s latest report further reiterates the significant potential of cryptocurrency-related technologies to become a crucial part of the global financial system.
As a survey by Zogby Analytics and CasperLabs suggests, as many as 90% of businesses in the United States, the United Kingdom, and China have experimented with blockchain technology since early 2023.
In any case, the news comes amid expectations expressed by Ripple CEO Brad Garlinghouse that the XRP lawsuit with the US Securities and Exchange Commission would be resolved this year.
Garlinghouse specifically stated:
“It has been nearly two and a half years since that litigation began. We tried to move forward as quickly as possible. Ripple now expects a decision certainly in 2023.”
Crypto regulation and the SEC case against Ripple (XRP)
The US Securities and Exchange Commission (SEC) is currently undergoing an intense internal battle between its staff members and its new chairman, Gary Gensler.
The conflict arises as the agency tries to determine its position on cryptocurrency regulation. According to recent reports, staff members are objecting to Gensler’s bullish outlook on cryptocurrencies, which could potentially impact the XRP lawsuit.
Indeed, the growing popularity of cryptocurrencies has prompted regulators around the world to reassess their stance on digital currencies. As the regulatory landscape remains uncertain, the outcome of the ongoing XRP lawsuit hangs in the balance, with potential implications for the cryptocurrency market as a whole.
As we know, in December 2020, the SEC filed a lawsuit against Ripple Labs, the creator of XRP, alleging that the company had conducted unregistered security offerings worth $1.3 billion.
The lawsuit caused XRP’s value to plummet and the cryptocurrency was subsequently delisted from several major exchanges. Ripple has denied the allegations and denounced the authority to engage in regulatory overreach.
In recent weeks, there have been indications that the SEC may be preparing to settle the XRP lawsuit. In a letter to the court, Ripple’s lawyers indicated that they had had “productive” discussions with the SEC and hoped that a settlement could be reached.
However, the SEC’s internal disagreement over cryptocurrency regulation could potentially affect the outcome of the XRP lawsuit.
If Gensler’s bullish outlook on cryptocurrencies prevails, it could lead to a more favorable regulatory environment for digital currencies, which could potentially benefit Ripple’s case.
On the other hand, if the concerns among SEC staff members about the risks of cryptocurrencies carry more weight, it could lead to a stricter regulatory environment, which could work against Ripple.