Big Four member predicts end of fiat currencies

Fiats soon to be history? – In 2020, Deloitte published its first edition of the Global Blockchain Survey. This survey of financial institutions explored the role of blockchain and digital assets in the digital revolution. This edition of the survey focuses on Financial ServicesIndustry

(FSI) providers that interact with the ecosystem. The results of the survey are particularly encouraging, as the majority of respondents consider blockchain and digital assets as one of their top 5 strategic priorities. This all bodes well for Bitcoin (BTC) and the crypto ecosystem.

Leading replacements for traditional currencies

Audit firm Deloitte has just released its annual report on the blockchain ecosystem. In this edition of the Global Blockchain Survey

, the company surveyed 1,280 finance professionals. The respondents across 10 geographies all had knowledge of blockchain and digital assets. Répartition géographique des répondants du Global Blockchain Survey comprenant plus de 1 000 professionnels de la finance basés au Brésil, en Chine, à Hong Kong, au Japon, à Singapour, en Afrique du Sud, aux Émirats arabes unis, au Royaume-Uni et aux États-Unis.Répartition géographique des répondants du Global Blockchain Survey comprenant plus de 1 000 professionnels de la finance basés au Brésil, en Chine, à Hong Kong, au Japon, à Singapour, en Afrique du Sud, aux Émirats arabes unis, au Royaume-Uni et aux États-Unis.Geographical distribution of Global Blockchain Survey respondents – Source: Deloitte

For this edition of its survey, Deloitte identified a sub-category within finance professionals: pioneers. These are individuals operating in financial institutions that have deployed blockchain infrastructure or integrated digital assets into their business.

Of the survey respondents, an overwhelming majority (78%) believe that digital assets will play a key role in financial activities. In addition, all of these pioneers believe that digital assets are the future of their industry

. <a href=”https://journalducoin-com.exactdn.com/wp-content/uploads/2021/08/image-41.png?strip=all&lossy=1&quality=66&ssl=1″ target=”_blank” rel=”noopener”><img width=”1258″ height=”669″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%201258%20669’%3E%3C/svg%3E” alt=’78% of finance professionals believe that digital assets will be one of the strategic priorities of the institution in which they operate’ /><img width=”1258″ height=”669″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/image-41..png” alt=’78% of finance professionals believe that digital assets will be one of the strategic priorities of the institution in which they operate’ /></a>Future of digital assets survey – Source: Deloitte <p>Furthermore, Deloitte’s data shows that finance professionals expect digital assets to displace traditional currencies. Indeed, 76% of respondents believe that digital currencies will replace fiat currencies within 5-10 years.</p> <a href=”https://journalducoin-com.exactdn.com/wp-content/uploads/2021/08/image-42.png?strip=all&lossy=1&quality=66&ssl=1″ target=”_blank” rel=”noopener”><img width=”798″ height=”752″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20798%20752’%3E%3C/svg%3E” alt=’Deloitte’s survey result on finance professionals’ view of blockchain. The major part of them consider that blockchain has reached a sufficient level of maturity to be massively adopted. ‘ /><img width=”798″ height=”752″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/image-42..png” alt=’Results of Deloitte’s survey of finance professionals’ views on blockchain. Most of them consider that blockchain has reached a sufficient level of maturity to be massively adopted. ‘ /></a>Survey on finance professionals’ perception of blockchain and digital assets – Source: Deloitte <p>Furthermore, 81% agree that blockchain is “broadly scalable and has achieved mainstream adoption.” Finally, 73% think their company should adopt blockchain and digital assets. Financial professionals are aware that not doing so would mean losing their competitive edge.</p> <p><a href=”https://journalducoin.com/SwissBorg/CTA” target=”_blank” rel=”noopener”>>>The time will soon come when states will want to grab all the bitcoins… Get ahead of it! <<

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Cyber security and regulation: threats looming over the cryptosphere

Deloitte’s survey also touches on the topic of barriers to cryptocurrency adoption. The most commonly identified are cyber security, regulation and financial infrastructure.

Indeed, 71% of respondents are worried about cyber security issues. These concerns are quite understandable when every week we report news of a new attack. The latest was the Liquid attack in Japan. And the biggest one so far was the recent Poly-Network case</a

The attacker had successfully stolen $600 million before returning it to the protocol.

<img width=”662″ height=”854″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20662%20854’%3E%3C/svg%3E” alt=’List of top barriers to digital asset adoption with cybersecurity in first place followed by regulation and financial infrastructure. ” /><img width=”662″ height=”854″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/1_image-43..png” alt=’List of top barriers to digital asset adoption with cybersecurity in first place followed by regulation and financial infrastructure. ” />Principal barriers to digital asset adoption survey – Source: Deloitte <p>In addition, 62% of finance professionals see existing financial infrastructure as one of the main barriers to digital asset acceptance. And 60% perceive regulatory barriers as one of the main impediments to the development of the ecosystem.</p> <p>On the topic of regulation, 70% of respondents believe that laws pertaining to data security and privacy should be changed in order to foster the adoption of digital assets. Similarly, 49% of finance professionals believe that internal control and financial reporting procedures are not appropriate for this asset class. </p> <p>In the same vein, respondents consider US (US GAAP) and international (IFRS) accounting standards to be unsuitable for accounting for digital assets. In particular, it is these standards that require players, such as MicroStrategy, <a href=”https://journalducoin.com/bitcoin/microstrategy-toujours-avide-sur-bitcoin-se-moque-des-risques-400-millions-dachat-en-vue/” target=”_blank” rel=”noopener”>to record losses every time Bitcoin loses value</a>. However, it’s impossible for them to record gains if the value goes up, unless they sell the Bitcoins recorded on their balance sheet.</p> <p><em>When top consulting firms sing the praises of Bitcoin and cryptocurrencies, it’s hard not to see this as a sign for the future. Prepare for yours by starting to accumulate BTC now. Up to 100 euros in free cryptocurrencies await you for any <a href=”https://journalducoin.com/SwissBorg/CTA1″ target=”_blank” rel=”noopener”>new registration on the Swissborg platform</a> (for a minimum deposit of 50 euros, affiliate link).</em></p>

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