85% expect cashless future in 10 years: Survey

In a digital currency-based future, executives say they’re concerned about the ability to protect customer and client data


r.classen/Shutterstock modified by Blockworks


As business leaders prepare for a cashless economy in which crypto could play a larger role, the ability to protect customer and client data remains a concern. 

About a third of executives expect the shift to a cashless economy to occur in the next five years, according to a survey published by consulting firm Protiviti and Oxford University. 

Roughly 85% expect such a future to come 10 years from now, with 87% expecting assets like bitcoin, ether and tether to impact their businesses.

The survey, conducted between July and September gathered responses from 251 board members, C-suite executives and other business leaders in North America, Europe and Asia. 

Cory Gunderson, Protiviti’s executive vice president of global solutions, said in a statement that transforming the global monetary system could cause “significant disruptions for business operations worldwide.”

Nearly nine of 10 respondents said they are concerned about their ability to protect customer and client data in a future that leans more heavily on digital currencies.

More needs to be done around preventing fraud and improving security to boost user confidence, noted Protiviti managing director Mike Brauneis.

“Contrast crypto transfers to mainstream banking and credit card transactions, which benefit from decades of development in regulatory frameworks and insurance schemes that limit consumers’ liability for unauthorized transactions,” he said in a statement. 

Regulatory agencies will seek to put in place more guardrails within the payments and crypto space, according to a KPMG report — with a focus on areas including stablecoins and central bank digital currencies (CBDCs).

Read more: Privacy remains sticking point in America’s ongoing CBDC debate

Price volatility has also created a barrier to adoption of certain crypto assets created as a reliable store of value, according to Brauneis.  

The price of bitcoin (BTC) and ether (ETH) are up 110% and 58%, respectively, year to date — but are still well below all-time highs reached in November 2021. 

Stablecoins are poised to offer benefits bitcoin and ether don’t always offer, a Pantera Capital executive argued in a letter last week — enabling peer-to-peer transactions, as well as helping protect against unstable currencies and avoid trusting service providers.

The market capitalization of stablecoin tether (USDT) stands at roughly $85 billion, behind only BTC and ETH.  

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


Wildcat wants to make undercollateralized lending terms completely transparent


On-chain protocols represent “the next stage of the software revolution,” partner at the Denmark-based company says


A defendant sued the SEC after the agency took him to trial in its own court system — now it’s up to the Supreme Court to decide that system’s constitutionality


In a call with reporters Monday, division chief Jim Lee said that crypto-related tax evasion cases are mounting


The new protocol introduces a non-custodial and permissionless ether liquid staking solution, mETH


The transaction amounts to 10 million euros, or roughly $10.8 million, and has a maturity of three years