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Deloitte’s 2021 Global Blockchain Survey

A new age of digital assets

Deloitte’s 2021 Global Blockchain Survey affirms that banks should embrace their inevitable digital future. In a seismic shift, financial leaders increasingly see digital assets as the future.

Explore the key findings

The 2021 survey finds that global FSI leaders now see digital assets as a strategic priority that will impact their current and future business models.

In our 2020 Global Blockchain Survey report we examined the role and evolution of digital assets, and how blockchain-based financial infrastructure could transform banking and financial markets. This year, we focus our report on respondents from FSI, given the ubiquitous role that the sector plays across the broader economy.

"The 2021 survey finds that global FSI leaders now see digital assets as a strategic priority that will impact their current and future business models"

Jack Lee, Director, Deloitte Ireland

Read our Irish insight

In our 2021 Global Blockchain Survey, we uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets. We also identified a subset of FSI respondents that we term Pioneers—individuals whose organizations have deployed blockchain solutions into production and/or integrated digital assets into their core business activities. What further distinguishes FSI Pioneers is their vision of blockchain and digital assets as a top-five strategic priority.

The end of physical money as we know it represents an overdue—and now inevitable—upgrade. There is a consensus that digital assets will replace fiat currencies in the next 5 to 10 years. This is evident from the launch of the investigation phase for digital euro project in July 2021. More than three-quarters of overall respondents and FSI respondents (76%) believe the changeover will occur. This number jumps to 94% for FSI Pioneers.

There are number of barriers and obstacles that are stand in the way of full digital asset adoption in Europe. The biggest obstacles include Cybersecurity and Regulation. In Ireland and Europe, we are expecting the regulatory barrier to shift with the recent adoption of AMLD 5 into law in each European jurisdiction and the proposed Market in Crypto-Asset (MiCA) framework. MiCA will allow for a harmonised regulatory environment in Europe for digital assets which should allow for innovation and new solutions to be developed by FSI Pioneers. In the recent WEF Global Risk Report 2021 cybersecurity is one of the top risks. Cybersecurity will continue to be a challenge as we move into the digital age and the FSI Pioneers will have to invest significantly in this area as they design new products and solutions for the market.

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