DLT and cryptocurrency are "not a priority," according to 56 percent

DLT and cryptocurrency are "not a priority," 

according to 56% of banks, for the near future: Fed survey

According to a Federal Reserve Board of the United States report, the majority of executives at large banks do not currently prioritize cryptocurrencies-related goods and services.

In a Fed survey released on Friday, senior financial officers from 80 banks said that for their growth and development strategy over the next two years, distributed ledger technology and cryptocurrency products and services were either not a primary concern or a low priority, while about 27% said they were a medium or high priority. Nearly 40% of survey respondents, however, indicated that for their banks, technology was a medium or high priority for the following two to five years

According to responses from questioned bank officials, the impact of cryptocurrencies on liquidity management procedures was similar, with many respondents stating that the technology would probably not be significant in the next two to five years from now. Some of the officials stated that the banks were actively keeping an eye on the situation and would adjust to the environment as necessary.

The senior financial officers who represented banks in the survey held roughly 75% of the total reserve holdings in the banking industry as of May 2022. Of those surveyed, 34 were local banks and 46 were foreign financial institutions.