56% of banks say DLT and crypto are "not a priority" in the near future - Fed survey
Many large bank respondents said technology is likely to be unimportant to liquidity management practices through 2027.
New
A survey by the US Federal Reserve Board suggested that the majority of major bank officials do not see crypto-related products and services as a priority for the foreseeable future.
According to the results of a Fed survey released on Friday, more than 56% of CFOs at 80 banks said distributed ledger technology and crypto products and services were "not a priority" or were "a low priority" for their growth and development strategy for the next two years, while around 27% said it was a medium or high priority. However, about 40% of survey respondents said technology was a medium or high priority for their banks over the next two to five years.
Financial Fed Survey Results May 2022. Source: Federal ReserveAnswers from surveyed bank officials were similar to the effects of crypto on cash management practices, with many respondents saying the technology would likely be unimportant for the next two years. five years later. Some officials said the banks were “actively monitoring the situation and would adapt to the landscape as necessary.”
Senior financial officers surveyed represented banks holding approximately 75% of total banking system reserve balances as of May 2022. Domestic banks accounted for 46 of those surveyed, and foreign banking organizations 34.
Related: How is the Fed Affecting Crypto?
As the central bank of the United States, the Federal Reserve is likely to be the institution that
Many large bank respondents said technology is likely to be unimportant to liquidity management practices through 2027.
New
A survey by the US Federal Reserve Board suggested that the majority of major bank officials do not see crypto-related products and services as a priority for the foreseeable future.
According to the results of a Fed survey released on Friday, more than 56% of CFOs at 80 banks said distributed ledger technology and crypto products and services were "not a priority" or were "a low priority" for their growth and development strategy for the next two years, while around 27% said it was a medium or high priority. However, about 40% of survey respondents said technology was a medium or high priority for their banks over the next two to five years.
Financial Fed Survey Results May 2022. Source: Federal ReserveAnswers from surveyed bank officials were similar to the effects of crypto on cash management practices, with many respondents saying the technology would likely be unimportant for the next two years. five years later. Some officials said the banks were “actively monitoring the situation and would adapt to the landscape as necessary.”
Senior financial officers surveyed represented banks holding approximately 75% of total banking system reserve balances as of May 2022. Domestic banks accounted for 46 of those surveyed, and foreign banking organizations 34.
Related: How is the Fed Affecting Crypto?
As the central bank of the United States, the Federal Reserve is likely to be the institution that
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