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20% of large companies will use digital currencies in 2024

The 20% of large companies will use digital currencies for payments, storage of value and other uses by 2024. This is what Gartner has predicted based on the data that it handles, with a statement that has very important implications for those responsible for finance of these companies, who will have to be fully informed of the use cases and potential risks that the use of this type of currency, which will have a progressively more widespread use in business transactions, and will grow in economic importance in the coming years.

Gartner experts recommend against this scenario that companies first clarify the use cases that digital currencies can have in their organizations before evaluating the technology professionals who need to incorporate the company’s workforce to work with them. Each use case carries all kinds of technological, regulatory, legal, and strategic considerations. Both for CFOs and those responsible for applications. Also in choosing the right service providers, as well as the ability to monitor and react to regulatory standards as they evolve.

According to the consultancy, this increase in the adoption of digital currencies in 2024 will be due in part to the already healthy environment of service providers, as well as the ready-to-use solutions that are available to large companies that have already identified a use. concrete for digital currencies.

According Alexander Bant, Research Officer, Gartner Finance, «Among the primary use cases for digital currencies that we have identified, there will be no need for most organizations to develop a custom blockchain application stack. Many large banks, payment platforms, institutional digital asset custodians and wallet providers have already done most of the work in this sector, which should cause very little trouble for large companies when deploying their own currency applications. digital«.

Bant has also pointed to additional factors that could make currency apps more palatable to CFOs in the next 12 to 24 months. Among them, protection from inflation, greater regulatory clarity, improved energy use, and adoption by employees, consumers and suppliers. Also to macroeconomic pressures related to the current high inflation and its impact on legal tender currencies, which could push more CFOs to explore some digital currencies as a potential store of value for a part of their reserves.

Before this, according to Avivah Litan, Vice President of Analysts, Gartner IT, «The increasing acceptance of cryptocurrencies on traditional payment platforms, and the rise of central bank digital currencies (CBDSs) will push many large companies to incorporate digital currencies into their applications in the coming years. Digital currencies will be used primarily in these organizations for payments, for storage of value, and for the ability to leverage the high-yield investments available in decentralized finance applications.«.

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