Cryptocurrencies are the way of the future, and banks must embrace them, according to a Deloitte survey.

According to a study, the majority of large business leaders believe that digital assets would play an essential role in the future monetary system.

According to a recent research, 73 percent of senior executives at financial institutions believe that if they do not integrate virtual currencies and blockchain technology, their companies will lag behind in terms of development. In the next 5 to 10 years, 76 percent predict digital assets will supplant fiat money.

Cryptocurrency Would Replace Physical Money

Deloitte, a multinational professional services firm, conducted a study of over 1,000 bank leaders and executives from financial institutions in the United States, the United Kingdom, China, Hong Kong, Germany, Brazil, Japan, Singapore, South Africa, and the United Arab Emirates. The idea was to assess if these senior executives saw cryptocurrency as having a future.

Digital assets will play an important role in the financial industry in the next two years, according to the majority of respondents (80%). 73 percent of CEOs believe that blockchain adoption is necessary for businesses to remain competitive in the future.

76 percent went even further, claiming that in the next 5 to 10 years, virtual assets will supplant fiat currencies. They even projected that actual money would be phased out soon.

“In the last year, we've witnessed a big shift in how the global financial ecosystem is thinking about new business models fuelled by digital assets, and how this is playing a meaningful role in financial infrastructure,” said Linda Pawczuk, Deloitte's U.S. blockchain and digital assets leader.

Pawczuk went on to say that banking's foundation has "fundamentally outlived" and that financial leaders must discover new ways to generate "economic growth in the future of money."

According to the survey, 43% of respondents believe that cryptocurrency should be accepted as a payment option by their organizations. This proportion is much higher among senior executives, at 63 percent.

Regulatory constraints, according to every sixth individual in the poll, are the most significant impediment to greater adoption of digital assets. Seventy-one percent believe that cybersecurity in the crypto area has to be improved.

Previous Deloitte Research

According to another survey performed by the service provider, 83 percent of large business leaders from industrialized countries such as the United States, the United Kingdom, Switzerland, and Israel see compelling use cases for blockchain technology. This was a 9% rise over the previous year.

Among all of these executives, 53% say that blockchain technology has already become a top priority for their businesses.

35 percent of those polled expressed anxiety about crypto security, while 39 percent believe that digital assets are subject to regulatory oversight.


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