Large organisations turning to digital currencies for stored value
Summary
About 20% of the world’s biggest organisations will use central bank digital currencies (CBDCs) and cryptocurrencies by the end of 2024, driven by the search for higher yields. Avivah Litan, analyst in the Gartner IT practice, said: “There are some organisations planning to use digital currencies for payments but they will mainly being used for stored value and a hedge against inflation.” This includes CBDCs, which are government-backed, and cryptocurrencies such as blockchain. “Increasing mainstream acceptance of cryptocurrencies on traditional payment platforms and the rise of CBDCs will push many large organisations to incorporate digital currencies into their applications in the coming years,” said Litan. “While volatility of cryptocurrencies remains a concern, anticipation of clearer regulatory guidance, and the advent of CBDCs, now offers CFOs more avenues to pressure-test use cases for digital currencies,” he said. Gartner said there is already a “healthy environment of service providers and off-the-shelf solutions” available to large enterprises that have identified a specific use case for digital currencies.
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