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The Role of Digital Payments and Cryptocurrencies in the Coronavirus Crisis
May 28 @ 12:00 pm - 1:30 pm EDT
When cryptocurrencies and blockchain-based assets and payment mechanisms emerged in recent years, its proponents claimed that they had major advantages in an economic crisis. If so, the global collapse of equity prices and the need to infuse trillions of dollars by central banks should cause a run to safety into cryptocurrencies. However, cryptocurrencies have also followed the same trajectories other investment categories as people fled to traditional fiat dollars. Similarly, as payments are being sent out to stimulate various economies, they appear for the most part to be sent out over traditional means (such as ACH, financial instruments like checks, etc.) rather than over digital financial services. One question then is whether private cryptocurrencies would take off, or will remain as a speculative investment and marginal payment mechanism? Another question is whether government-created financial crypto-mechanisms can play a role in an economic stabilization and revival.
This webinar will address the following:
• What has been the role of blockchain-based transactions in the crisis?
• Why have cryptocurrencies not taken off in the midst of a global crash?
• Where do advanced digital financial services go from here? Who will be the winners?
• How would new blockchain-based financial instruments help macro-economic activities of governments and central banks?