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Most Executives See Digital Assets as Strong Fiat Alternative in Next 5-10 Years: Deloitte
Cybersecurity, regulation and privacy are seen as the biggest obstacles to global adoption of digital assets, according to a Deloitte survey.
Updated Sep 14, 2021, 1:43 p.m. Published Aug 23, 2021, 6:17 a.m.
More than three quarters – 76% – of executives globally think digital assets will be a "strong alternative to or replacement for" fiat in the next five to 10 years, Deloitte's 2021 Global Blockchain Survey found.
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- Even more, 78% of respondents said that digital assets will be important to their industry in the coming 24 months.
- The survey of 1,280 senior executives and practitioners was conducted March 24 through April 10. One-third of respondents were based in the U.S., with the rest in Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the UAE and the U.K.
- The most commonly identified barriers to adoption were cybersecurity, regulation and financial infrastructure, according to the survey. Data security and privacy regulation must change to enable blockchain adoption, said 68% of survey participants.
- Respondents that had already deployed blockchain and/or digital assets in their core business, or "pioneers" as Deloitte labeled them, more commonly identified regulation, privacy, and cybersecurity as barriers to acceptance.
- Among those, 70% said that digital assets' greatest impact will be access to funding sources. The next most common answer was "compliance and transparency."
- Protection against data collection from big tech and other private firms was the most commonly identified potential benefit of central bank digital currencies among respondents.
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