Almost half of surveyed financial institutions support cryptocurrency as legal tender
By Bob Garcia
The idea of cryptocurrency being accepted alongside fiat continues to receive more attention
It is clear that the cryptocurrency industry will continue to gain territory as more mainstream industries and financial institutions are starting to adopt crypto trends. A recent survey about cryptocurrencies’ criminal risks had a surprising outcome, however. Multiple financial institutions were asked whether digital tokens should be accepted as legal tender and if stores should be required to accept them as payment, and 44% of respondents said yes. The study was conducted by YouGov on behalf of the UK defense think tank Royal United Services Institute (RUSI) and anti-money laundering education body ACAMS.
This survey carries even more weight given that ACAMS is headed by the former Executive Secretary of the Financial Action Task Force (FATF). When these institutions were asked about the use people give to digital currencies, 50% of them said that it is used for investment or speculation, and 35% indicated that is being used for illicit purposes. Only the remaining percentage represents the use for making payments. Respondents working for the government said that 62% is being used for investment, while 26% is used for illegal purposes.
Now that the same question was posed five years into the future, things changed considerably. The crypto sector stated that the first choice of usage was for payments – 63% of them. Financial institutions, on the other hand, said that 38% is used to make payments, 37% for investments and only 26% for illicit purposes. The authors of the report concluded two things – one, that cryptocurrency firms are underestimating the current threats that the industry faces and, two, that financial institutions are most likely overestimating the degree of criminal activity involved in the industry.