Exploring the potential of cryptocurrencies for positive change

Just the mention of Bitcoin peaks peoples interest, but what exactly makes bitcoin and the crypto economy so alluring? On 1 February, two leading experts in this field, Ferdinando Ametrano from the Università Milano Bicocca, and David Yermack from the NYU Stern School of Business, discussed Bitcoins, blockchains and everything in between at UN Headquarters in New York.

Joining the Facebook live event on “Everything you want to know about bitcoin, blockchain and the crypto economy”, the two experts answered questions shared by the online audience. UN DESA’s Facebook friends wanted to know for example, how to make the production of cryptocurrencies more environmentally friendly; what the implication of bitcoin is in developed versus emerging economies and if they can be used to minimize corruption risks when the UN sends funds to its programmes internationally.

Following the live event on Facebook, Professors Ametrano and Yermack delved deeper into the topic of the crypto economy as they took the stage at the seminar “Understanding Bitcoin, Blockchains and the Crypto Economy,” hosted by UN DESA’s Development Policy and Analysis Division.

In a jam-packed conference room, the attendees learned more about what is often described as “digital gold,” a term used to describe Bitcoin because of its similarity to gold in its value. Bitcoin allows people to send money without the interference of banks and its attraction lies in their transferability, ability to not be duplicated or manipulated, and their security.