Ripple (XRP) shares survey results: 97% of payment companies believe in the power of crypto.
The results of the new survey carried out by Ripple (XRP) regarding the blockchain and crypto sector emerge. As it turns out, 97% of payment companies believe in the power of cryptocurrencies.
The global payments industry is confident in the potential of cryptocurrencies and blockchain to enable faster and cheaper transactions, according to a new survey co-hosted by Ripple.
However, the lack of regulatory clarity is also highlighted as the biggest obstacle to the adoption of cryptocurrency-enabled payments, according to the survey.
Specifically, blockchain-based digital payment network Ripple and payment organization Faster Payments Council (FPC) released a report on March 2 dedicated to the opportunities of cryptocurrency-enabled payments.
Entitled “Transforming the Way Money Moves,” the report provides insights into global cryptocurrency payments trends based on a survey sent to over 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 Ripple survey was conducted during the first half of 2022.
The results of the Ripple survey: all the details
According to the survey results, nearly all surveyed FPC subscribers, or 97 percent of respondents, believe that cryptocurrency and blockchain technology will play a significant role in enabling faster payments over the next three years.
Furthermore, over 50% of the payment processors surveyed believe that the majority of merchants will accept payments in cryptocurrencies within one to three years.
27% of respondents for Middle East and African executives believe the majority of 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, or CBDCs.
While 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 respondents still do not adopt cryptographic technologies for payments were regulatory clarity and limited adoption, the report noted.
Nearly 90% of respondents cited regulatory ambiguity as the top barrier to cryptocurrency payments, while 45% of respondents cited limited industry acceptance.
What do other surveys say about the blockchain world?
In 2022, financial data platform Pymnts and crypto payments company Bitpay released a survey suggesting that the majority of respondents for businesses 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 US, UK and China have experimented with blockchain technology since early 2023.
Either way, the news comes amid expectations expressed by Ripple CEO Brad Garlinghouse that the XRP lawsuit with the U.S. Securities and Exchange Commission would be resolved this year.
Crypto regulation and the SEC case against Ripple (XRP)
The United States Securities and Exchange Commission (SEC) is currently undergoing an intense internal battle between members of its staff and its new chairman, Gary Gensler.
The conflict arises as the agency tries to determine its stance on regulating cryptocurrencies. According to recent reports, staffers are resisting Gensler’s bullish outlook on cryptocurrencies, which could potentially impact the XRP lawsuit.
Indeed, the growing popularity of cryptocurrencies has caused regulators around the world to reevaluate 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 sent XRP’s value plummeting, and the cryptocurrency was subsequently delisted by 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 they had had “productive” discussions with the SEC and hoped a settlement could be reached.
However, the SEC’s internal disagreement over cryptocurrency regulation could potentially impact the outcome of the XRP lawsuit.
If Gensler’s bullish outlook on cryptocurrencies prevails, it could lead to a more supportive regulatory environment for digital currencies, which could potentially benefit Ripple’s case.
On the other hand, if SEC staffers’ concerns about cryptocurrency risks carry more weight, it could lead to a tighter regulatory environment, which could work against Ripple.
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