According to a recent report by Ripple, key payment industry leaders believe that blockchain and cryptocurrency can enhance the payment sector, but regulatory ambiguity is the primary impediment to crypto adoption. The report is based on a survey conducted by Ripple and the US Faster Payments Council, which gathered the opinions of up to 300 payment leaders on the benefits and challenges of blockchain and cryptocurrency in the payment sector. 97% of respondents agreed that blockchain and cryptocurrency could improve the speed of payments in the next three years. However, only 17% of respondents are presently in favor of crypto payments, with 89% identifying regulatory uncertainty as the primary obstacle to widespread adoption. Respondents also expressed concerns about the environmental impact of cryptocurrencies. Despite the regulatory uncertainties, some regions, such as Hong Kong and the EU, are making strides to address this issue.

(By MARK BRENNAN)