Banks and Governments Still Don’t Trust Cryptocurrencies

The Royal United Defense Research Institute (RUSI), the UK’s premier defense think tank, has released the results of a new study on the perception of the cryptocurrency industry.

The study, carried out jointly with the Association of Certified Anti-Money Laundering Specialists (ACAMS) and research firm YouGov, provides 566 responses from participants in the financial and cryptocurrency industries, including crypto exchanges, financial regulators and financial monitoring bodies.

According to study co-author Rick McDonell, CEO of ACAMS, the results of the analysis provide “a unique global insight into the current perception of cryptocurrencies by respondents on behalf of governments, financial institutions and participants in the cryptocurrency industry itself, which in a nutshell can be summarized as follows: cryptocurrencies have potential, but there are too many risks.

How many people, so many opinions

Criminal activity remains a major concern among governments and insiders in the digital asset industry, with 70% of survey respondents highlighting this issue. At the same time, there is no consensus among the respondents on the issue of specific methods of fraud, which represent the main problem.

Also, the views of the study participants diverge regarding the safe use of cryptoassets. In general, respondents regard this asset class as risky. At the same time, directly participants in the cryptocurrency industry, who also recognize the existence of risks, believe that they have sufficient knowledge, skills and tools to prevent potential threats.

Another co-author of the study, Kayla Isenman, research analyst at RUSI, notes that “the cryptocurrency industry itself is confident in its own ability to identify and prevent risks, unlike governments, which remain skeptical of the industry.” Moreover, members of the crypto community are confident that the authorities are lagging behind the curve of risk perception, opportunities and regulation.

In the question regarding the potential improvement of financial services using digital assets, similar discrepancies were found – 9 out of 10 participants in the crypto industry gave a positive answer, and only 47% and 42% – among representatives of governments and the financial sector, respectively.

General views

Unsurprisingly, representatives of traditional financial institutions and governments hold a different opinion from people who are deeply associated with and work in the industry.

However, the study still managed to identify points of contact. Almost all respondents agree that the use of cryptocurrencies in everyday payments will increase in the next five years, and the quality of organization and practical guidance at the level of both government regulators and independent organizations will increase.

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