Citi survey shows 74% of financial institutions are engaging with distributed ledger technology

- While governments and financial institutions around the world grapple with the proper way to deal with the evolving cryptocurrency market, there appears to be agreement on the fact that distributed ledger technology has many benefits to offer society and will be integrated into the global financial system in the years ahead.

One of the report's main points of focus was settlement cycles within the current financial system. The survey found that 89% of respondents expect their local settlement cycles to shorten to T+0 or T+1 within the next five years, and DLT and central bank digital currencies are likely to play a major role in achieving that goal.

Citi noted that the past year has seen a shift “in the parallel evolutions of digital assets and DLT-based projects .” “With speeds and directions of development varying by region, the net effect appears to be a slowing in the global momentum around digital assets, with only 32% of firms now in [the] build-out phase , compared with 44% of respondents working on DLT and tokens,” the report said.

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