Opportunities or risks? Experts disagree on cryptocurrencies
- POSTED ON
- 1. Oktober 2020
A new survey by RUSI and Immediate Edge shows how much the opinions of professionals in the crypto industry and members of financial institutions and governments differ.
A British think tank did an industry-wide surveyin relation to cryptocurrency risks
A total of 566 experts from the traditional financial and crypto ecosystem were surveyed. This also includes financial regulators and financial investigation agencies. As expected, opinions differ widely depending on the industry. Of those surveyed, 32 percent come from North America, 23 percent from Europe and 22 percent from Asia. 49 percent are employees of financial institutions, 24 percent are government officials and 10 percent are directly involved in the crypto industry.
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Less than half of the respondents (45 percent) agree that cryptocurrencies should be viewed as legal tender. However, three quarters (76 percent) of those employed in the crypto industry are of this opinion. The difference is even bigger when it comes to financial inclusion . 89 percent from the crypto-economy agree, with financial institutions (42 percent) and governments (47 percent) again only less than half.
The survey results regarding the use of cryptocurrencies are also illuminating. All respondents think that cryptocurrency is mainly used for investments. But among those who do not work in the cryptocurrency industry, the suspicion that cryptocurrencies are mainly used for illegal purposes is much more pronounced. This is the opinion of 35 percent of employees at financial institutions. Of the members of the crypto industry, only a tiny two percent believe this.
Cryptocurrencies: Opportunities and Risks
When asked whether they rate the use of cryptocurrencies as a risk or an opportunity, the cryptocurrency industry continues to see cryptocurrency on the rise compared to other sectors. More than three quarters (80%) of respondents in the cryptocurrency industry see the use of cryptocurrency as an opportunity. Only a fifth of respondents from other sectors are of the same opinion (19 percent for financial institutions, 23 percent for governments and 20 percent for the private sector). What’s even more alarming is that these sectors are overwhelmingly viewing cryptocurrency as a risk. That is what 63 percent of those polled at financial institutions and 56 percent at governments believe.The respondents largely agree when it comes to the risk of financial crime. 58 percent believe that the crypto industry knows the best way to assess the risks. Politicians (11 percent) and the part of the public who do not own cryptocurrencies (5 percent) do significantly worse.
The survey was commissioned by the Royal United Services Institute for Defense and Security Studies (RUSI) together with ACAMS, a leading provider of workforce solutions headquartered in the United States.