New Global Survey: 60% of Financial Institutions Believe Cryptocurrencies are Risky

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A new global survey has revealed that most of the financial institutions have some concerns regarding cryptocurrencies. According to the survey conducted by the Association of Certified Anti-Money Laundering Specialists and the Royal United Services Institute, over sixty percent of financial institutions consider cryptocurrencies risky. While on the other hand, government officials also participated in the survey who revealed the same concerns about digital currencies.

Global insight into how cryptocurrency is perceived worldwide

The survey involves financial institutions from across the world, governments, and the digital currency industry. According to the survey, 63% of financial institutions think digital currencies are risky because they are used for illegal purposes. While on the other hand, 56% of the government officials also shared the same view. However, there are very few in the cryptocurrency industry who think of crypto as a risk.

The co-author of the survey and Research Analyst with the Centre for Financial Crime and Security at RUSI, Kayla Izenman said that governments have no faith in the abilities of cryptocurrencies while the cryptocurrency industry itself believes in its abilities to detect these risks lurking around it.

Furthermore, Kayla said that everyone from all these sectors believes that the cryptocurrency’s use is significantly increasing day by day and therefore, it is necessary to fill this gap. Kayla said, “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 risk opening the door to illicit activities.”

Talking about the survey, the Executive Director of ACAMS as well as the co-author of the survey Rick Mcdonell said that this survey presents global insight into how various sectors perceive cryptocurrency. He stated:

“This survey give 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.”

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