According to the report, 31 per cent of financial services firms believe central banks will hold cryptos on their balance sheet in the next five years. Furthermore, 18 per cent of respondents expect central banks to establish their own cryptocurrency, while 17 per cent of asset managers have or are considering a strategy to invest in cryptos, the report found.

The report also determined market perception surrounding crytocurrency and blockchain, and how their business has adapted accordingly.

Key findings were that 69 per cent of retail and investment banks feel they are being impacted by disruption.

Seventy-two per cent of the firms surveyed have changed their customer journey in the last two years, while 33 per cent of firms have engaged with fintech firms and 55 per cent intend to so within the next two years.

Seventy-four per cent of firms cite regulation and compliance as a factor in restricting greater adoption of technology and new business models, while 82 per cent of firms are worried about cyber security.

“The report highlights the considerable interest in investing in payments technology, an area that has attracted the attention of blockchain and crypto currencies," said Jonny Fry, CEO & founder of TeamBlockchain, a UK advisory company for the blockchain industry.

“One such example is the current disruption of the SWIFT system, a leader in cross-border payments, by Ripple. More than 100 banks have signed up with the blockchain based challenger.

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“It is not surprising therefore to see that blockchain is on the agenda for 50 per cent of investment banks and 32 per cent of retails banks. Those are the projects reported in the media and one cannot help wondering whether these numbers aren’t in fact higher. Some banks clearly see opportunities.”