Deloitte's 2021 Global Blockchain Survey suggests cryptocurrencies and digital assets will continue its disruption into the financial services industry. Importantly, of the 1,280 senior executives and practitioners surveyed worldwide, 76 per cent believe digital assets will replace fiat currencies in the next five to ten years.
The majority of participants believe digital assets will impact their organisations through custody (63%), new payment channels or types (63%) and by diversifying portfolios (57%). The survey notes, however, the enablement of these developments is contingent upon "a new kind of technical infrastructure as well as new processes and procedures".
This sentiment was reflected in the survey results, with 63 per cent of participants outlining regulatory challenges as one of the major threats to the use and acceptance of digital assets globally. This was surpassed only by the cybersecurity threat, with 71 per cent of participants believing it to be the biggest obstacle to further worldwide implementation.
The report estimates around $2 trillion USD associated with cross-border money movement in 2020 and suggests this revenue will likely shrink as entities become increasingly able to conduct similar transactions for free or at a smaller cost.
While the survey cannot decidedly determine the full future implications digital assets may have on the global economy, it expects these shifts to be highly disruptive to financial services as a digital-asset based financial model ushers in a new era of economic infrastructure.