Recent research has disclosed that nearly 73% of older executives working at financial organizations are afraid that their institutes will lag behind in development in case of not accepting blockchain technology and digital currencies. The opinion of 76% is that fiat money will be replaced by digital assets in the coming half or full decade.

Crypto would replace paper money

Deloitte, an international provider of professional service, held a survey constituting 1,000 executives and leaders of banks and financial organizations based in UAE, South Africa, Singapore, Japan, Brazil, Germany, Hong Kong, China, the UK, and the USA. The objective of the study was to find out whether these prominent managers consider that the future is intertwined with digital currencies. A significant majority of the recipients, up to 80%, opined that a very significant role is to be played by the digital assets in the overall financial industry during the coming couple of years.

73% of them considered that the adoption of blockchain is fundamental if the institutions want to be significant in the financial industry of the future. 76% moved further and claimed that digital assets would substitute fiat currencies during the coming half or a complete decade. They even eluded that the physical money would soon be completely wiped off the face of the earth.

Linda Pawczuk, Deloitte’s digital assets and blockchain leader from the United States, remarked about the results by saying that a significant transformation has been seen in the thinking pattern of the financial ecosystem across the globe regarding digital assets’ role in building financial infrastructure. Pawczuk mentioned that the basis of banking is not going to survive much longer, and the executives of finance should turn towards substitutive means to expedite economic progress in the future.

The previous study of Deloitte

Another survey has been conducted by the service provider. 83% of the recipient executives from the huge institutions based in Israel, Switzerland, the UK, and the USA pointed that blockchain technology is going to be the basis of finance in the near future. This indicates a 9% increase from the results of the previous year. 53% of all the responding managers and executives expressed their belief that already a crucial position has been taken by the blockchain technology in the respective organizations.35% were those who stated that there were security problems in the sector, and 39% of them brought out regulatory issues of the sector.