Overgrowth of cryptocurrencies causes companies to ban this means of payment

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Half of companies don’t have enough knowledge to work with cryptocurrencies

Amsterdam, 27 October 2022 – 38% of Dutch companies do not want to delve into the business use of cryptocurrencies because they currently see a proliferation of them. This is according to Visma | Onguard’s survey of over 580 financial executives and entrepreneurs. Privately, however, there is already more enthusiasm for cryptocurrencies. Almost half of the financial managers (47%) have private experience with crypto currencies.

Collapse of the cryptomarket

The collapse of the crypto market has also made companies reluctant to use this new means of payment. 21% of companies say they have become more reluctant to use cryptocurrencies as a result. Interestingly, this is mostly indicated by finance executives who do use cryptocurrency privately and therefore know how it works (29% versus 15% who do not use it).

Still not enough knowledge

It remains to be seen at all whether the Dutch business community is ready for the adoption of crypto currencies. For instance, half (51%) indicate that there is currently too little knowledge in the organisation to use this digital currency. But within companies, who then makes the call on whether cryptocurrency can be added to the balance sheet? A third (35%) feel that it is up to the finance director or chief financial officer to introduce the currency within the organisation.

Adriaan Kom, Managing Director at Visma | Onguard: “We understand that finance professionals are currently still wary of cryptocurrencies. After all, there are many stories going around about fraud and ‘cowboys’ on the market. Nevertheless, I would encourage companies to delve more into cryptocurrencies, as they can also offer many advantages. Only when a finance professional has looked into it properly can one really weigh up whether this is a good move for the organisation. In doing so, it is wise to involve people who use currency privately. These are the ones with a natural interest in this innovation and they already have the necessary basic knowledge. The research shows that this is a significant group, so check with them to see what cryptocurrencies can do for your organisation.”

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