Page 1 - GS220602

June 27, 2022 • Issue 22:06:02

Crypto payment acceptance

today – Part 2

Despite this, however, a survey of 2,000 senior executives
Advisory Boar d at U.S. retail organizations, developed by Deloitte in
Advisory Board
conjunction with PayPal, indicates merchants are keen on
accepting cryptocurrencies.

While respondents do recognize there will be challenges,
Deloitte found that most of them believe accepting digital
currencies will put them at a competitive advantage in the
market.

Eighty-five percent expect digital currencies to be
ubiquitous in their respective industries within five years.
Industries represented in the Deloitte survey included
digital goods, electronics, fashion, food and beverages,
home and garden, hospitality, and transportation. Fifty-
ryptocurrencies and crypto payments continue four percent of respondents have already invested more
to grab headlines, as well as the attention of than $1 million toward enabling cryptocurrency payments,
industry researchers seeking to determine what Deloitte said.
C their benefits, pitfalls and trajectory might be.
On the negative side, criminals have found pay dirt in cryp- And in February of this year, the website Crypto.com
tocurrency scams perpetrated against consumers. released survey results that also reflect strong interest in
crypto payments. Crypto.com surveyed 110,000 customers,
A recent report from the Federal Trade Commission as well as 1.5 million Worldpay merchants, and found
revealed that fraudsters have stolen over $1 billion in roughly 60 percent of both groups were interested in crypto
cryptocurrencies from 46,000 consumers since the start of payments.
2021. Cryptocurrency scams accounted for about one in
four dollars reported lost to fraud since January 2021, more We published further details from these studies under
than any other form of payment, the FTC said. Breaking News, at www.greensheet.com, in stories titled
"Crypto scams top $1 billion" and "Merchants eager to
The FTC report comes amid extreme volatility in the crypto accept crypto," on June 8 and 9, 2022, respectively.
market. The price of a single bitcoin has tumbled from a
high of $69,000 in November 2021 to just over $22,000
as of June 14, 2022. Ethereum, the second most popular
cryptocurrency behind bitcoin, has fallen nearly 60 percent, Contributed articles inside by:
from $4,426 in November 2021 to just under $1,800.
Rohan Kapil .............................................................................................18
Fraudsters rely on the fact that there are no banks or other
centralized authorities to flag suspicious cryptocurrency Natasa Cvijanovic .................................................................................28
transactions. Plus, crypto transfers can’t be reversed Nicholas Cucci ........................................................................................32
and most people are unfamiliar with how crypto works,
making it easier for scammers to ply their trade, the FTC Ken Musante ..........................................................................................34
said.

Continued on page 26