Frankfurt am Main, 13 June 2023. Digitalisation is permanently changing the environment and conditions in the financial industry. Computer-based assets in the form of cryptocurrencies, security tokens or crypto securities based on blockchain technology are gaining in importance. The current DVFA monthly question dealt with the topic of digital assets and blockchain.
Respondents are basically open to new technologies
Almost half of the survey participants are neutral towards the technology (49%) and see both opportunities and risks. Just under a third (32%) of the survey participants view the development positively. Blockchain has the potential to revolutionise traditional financial systems and open up new opportunities for many sectors of the economy. Sceptical with regard to security, regulation and the actual applicability in mainstream finance are 19 %.
Blockchain and sustainability not causally linked
To what extent do you see a connection between blockchain technology and ESG? No connection, because ESG challenges should be addressed separately, according to almost half of the respondents (45%). 40% see potential benefits, such as transparency. However, concerns arise, for example, with the energy consumption of blockchain networks. 15% are optimistic about the development and believe that blockchain transparency could promote traceability and accountability.
Knowledge inconsistent – strong fractionation in the willingness to invest
More than half (53%) know the basic differences and similarities between cryptocurrencies and crypto securities. However, just under a third (30%) know the terminology, but cannot name the differences and similarities. 17% have heard of cryptocurrencies, but are not familiar with crypto securities.
More than half of the participants, namely 52 %, have no interest in digital assets and have neither invested nor traded in them privately or for business. 36 % have already invested in digital assets and 12 % have not yet made any transactions but plan to do so in the next 12 months.
Technological revolution with the risk of money laundering as a side effect?
The question was then asked about the effects of blockchain technology: 41 % of the votes were for disruption and innovation. Money laundering and fraud followed in second place with 33%. Financial inclusion accounted for 15%. No influence of technology, but a “solution without a problem” is seen by 11 % of the surveyed investment professionals.
Digital euro without broad impact
The association asked: What are your expectations regarding the use of the European Central Bank’s digital euro (CBDC) by end users? In only a few circles will the digital euro become the dominant means of payment, but not across the board, say 55%. A third see possibilities for use where no other existing payment options are yet offered, such as offline payments or payments from the state. Only 12% think that the digital euro will be the most widely used means of payment in the EU within a short time after its introduction.
“Of course, we are aware that young technologies and ecosystems come hand in hand with risks, concerns and setbacks along the way of their adaptation, in addition to opportunities and possibilities. This natural tension is reflected in the survey result. Very many of the concerns are also justified at first glance. However, after a closer look and analysis, other conclusions can also be drawn,” Hendrik König, Head of the DVFA Digital Assets & Blockchain Expert Committee, summarises the survey results.
DVFA would like to provide interested market participants with a well-founded, practical and interdisciplinary view on the topic of digital assets and blockchain as an infrastructure technology. In doing so, we extend a cordial invitation to a mutual exchange of ideas with the aim of building a bridge from the old to the new world and promoting and developing a deep understanding of the opportunities and challenges of this rapidly growing market.
The DVFA Monthly Survey addresses the 1,400 members of the association and is dedicated to topics that are discussed in the financial industry. The results of the survey are published regularly on the 2nd Tuesday of every month.
Source: DVFA Monthly Survey as of 13 June 2023