New Survey: “63% of Banks and 56% of Governments saw Cryptocurrency as a Risk”

A new survey shows financial institutions and government departments see cryptocurrency a risky investment as it is linked with illicit activities.

566 Responses from Different Sectors across the Globe

The UK-based security firm The Royal United Services Institute (RUSI) has conducted a survey about cryptocurrency in partnership with the Association of Certified Anti-Money Laundering Specialists (ACAMS). The survey has collected a total of 566 responses from financial institutions, government departments, cryptocurrency firms, financial regulators, and other private financial intelligence units.

According to the survey’s key findings:

“An overwhelming majority of respondents were concerned about the links between cryptocurrency and criminal activity. However, where other respondents ranked illicit purposes highly, the cryptocurrency industry ranked illicit purposes as the least common use.”

Executive Director of ACAMS, Rick Mcdonell, said that the survey gives a “unique global insight into how respondents from governments, financial institutions, and the crypto industry itself think about cryptocurrency: it’s potential, and it’s risks. Their views are well worth noting as policy making and regulatory enforcement continue to take shape around the world”

Seventy percent of people from government institutions and the cryptocurrency industry believe that cryptocurrency is widely used on the dark web and in different illicit activities such as money laundering.

The survey also unveils officials from governments to declare digital assets risky to use while crypto industry members claim they have “knowledge, skills, and tools” to face such risks related to digital assets.

“The crypto industry appears to have a great amount of confidence in their own abilities to counter and detect risk, whereas the government doesn’t have nearly as much faith. Bridging this gap is essential, as all sectors agree that the use of cryptocurrency is on the rise, but we know there’s no clear consensus on domestic regulatory action. This risks opening the door to illicit activities,” survey’s co-author Kayla Izenman said.

Cryptocurrency’s Future in the Next Five Years

An interesting thing is that Asian financial institutions have favored cryptocurrency while financial institutions in Europe and North American have shown less sympathy for digital assets.

However, all respondents think that cryptocurrency will be used in day-to-day payments in the next five years.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

US Congressman Proposes Bill to Regulate Cryptocurrencies and Stablecoins

There are two forces at play here, and one is a decentralized network of cryptocurrencies. On the other hand, centralized finance owned by governments, banks, and financial institutions has converged on making their own tokens to tackle it. But instead of being anonymous and decentralized, they will be highly regulated and controlled entities. Today’s new […]

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]