Crypto 101: Blockchain and Bitcoin in Latin America
Crypto 101: Blockchain and Bitcoin in Latin America
Many countries in emerging markets are turning to cryptocurrency as a functional substitute, said NYU Stern's David Yermak to our members in a session on all things digital currency.
Speakers:
- David Yermack, Albert Fingerhut Professor of Finance and Business Transformation & Chair, Finance Department, NYU Stern School of Business
- Monica Ramirez de Arellano, Senior Manager, Restaurant Brands International (RBI) & YPA Miami Board Member (co-chair)
- Francisco Martinez, Senior Associate, Council of the Americas & Head of YPA Miami (co-chair and moderator)
In a Young Professionals of the Americas event on digital currencies and its implications for Latin America, Professor David Yermack of NYU Stern School of Business offered insights into the region's rapidly evolving cryptocurrency scene, as well as explanations of the key aspects of digital currencies from blockchain to mining to nodes. Members got a chance to ask the expert questions and engage in a dialogue to detangle the ins and outs of the topics.
On the region's growing involvement with cryptocurrency, Yermack explained that, “Many countries are emerging markets where the cost of remittances and the liquidity of the financial system has faced many challenges over time, and they essentially turned to cryptocurrency as a functional substitute.” He also touched on the challenges of adopting any cryptocurrency, saying “[Crypto] is very threatening in its own way to the autonomy of governments and I think this is why some countries have tried to exclude it.”
