US Retailers See Cryptocurrency Being Legal Tender Within 10 Years – BeinCrypto

Although only El Salvador and the Central African Republic have given legal tender in their countries, this trend could change in the years to come. A study reports that 83% of US retailers believe cryptocurrencies will be legal tender within ten years.

The legalization of cryptocurrencies has been a much-discussed topic lately. Recently, Be[In]Crypto wrote an article on the study carried out by the British newspaper, “The Economist” among 3,150 people around the world to test their apprehension of this new asset class. They were more than a third to want a legalization of cryptocurrencies in their country.

The results of another survey conducted by the international auditing firm, Deloitte, confirm this trend towards the legalization of cryptos. The study, conducted on a sample of 2,000 senior executives from retail organizations across the United States, finds that 83% of retailers believe cryptocurrencies will be legal tender within 10 years .

Prepare for cryptocurrencies

Entitled “ Merchants Getting Ready For Crypto », the Deloitte study was held from December 3 to 16 with American retailers operating in almost all sectors of the economy. From the cosmetics sector, through electronics to the food and beverage industry; all sectors were represented.

Deloitte’s first observation: companies are starting to prepare to offer their customers the possibility of paying with digital tokens. 75% of respondents say they have already started to put plans in place to accept cryptocurrencies or stablecoins in two years or more.

We also learn, according to the turnover of the companies, that they have allocated a certain budget to be able to integrate the crypto payment support. Thus, 50% of companies whose turnover exceeds $500 million have already allocated at least $1 million of their budget to installing cryptocurrency payment infrastructures.

For their part, 73% of retailers with turnover between $10 million and $100 million report that they have allocated between $100,000 and $1 million of their budget to accommodate crypto payments.

Deloitte noted that 87% of retailers that offer the option to pay with cryptocurrencies believe they have a competitive advantage over their competitors.

Meet consumer demand

This retail appetite for cryptocurrencies is fueled by growing consumer demand for this form of payment. 64% of respondents say their customers express very high interest in the crypto payment option. In addition, 83% believe that this interest will increase during the year 2022.

On the importance of this new payment method, 50% of respondents say that cryptocurrencies will allow them to improve the customer experience. Finally, 40% of executives responded that crypto would help them build a better brand image.

The Challenges of Adoption

The adoption of cryptocurrencies faces many pitfalls around the world. Critics criticize digital tokens for their volatility, lack of security, and anonymity. In this study, respondents identified virtually the same issues.

The biggest holdback for retailers is the lack of cryptocurrency security. More than 43% say they fear the threat of piracy in the cryptosphere. Next, 37% highlighted the unclear regulatory framework. Volatility only comes in third place with only 36% of respondents agreeing with the idea. Finally, 30% say that the lack of budget is among the main challenges in adopting cryptocurrencies within their company.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on information found on our website is entirely at their own risk.

We would love to give thanks to the writer of this write-up for this remarkable material

US Retailers See Cryptocurrency Being Legal Tender Within 10 Years – BeinCrypto


You can find our social media profiles and the other related pageshttps://metfabtech.com/related-pages/