A Deloitte survey of African financial institutions found a marked cooling in attitudes towards cryptocurrencies by banks, insurers and other institutions. Only 30% see an opportunity, down from 63% the previous year. However, the previous survey was just before the FTX crypto exchange collapsed. The latest was between August and October last year, before the recent uptick in activity.
There’s been a more subtle shift in emphasis on central bank digital currencies (CBDC). A slightly larger number of people (36%) expect a significant impact on financial inclusion (previously 33%). However, there was a substantial decline in the proportion, expecting a moderate financial inclusion impact (27% down from 37%), and more people expect the effects to be weak (36% up from 30%). These figures could reflect Nigeria’s eNaira, which is struggling to gain traction.
Several other benefits of a CBDC showed a significant improvement, particularly efficiency and sovereignty.
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