Our Alma Angotti, joins the Credit Eco to Go podcast to provide an overview on cryptocurrency and blockchain technology and how its being applied today. Cryptocurrency is not a substitute for hard currency but the infrastructure behind it; blockchain technology has the power to disrupt traditional financial services. Blockchain technology is immutable, meaning it can’t be changed, so it is easier to trace. Think of a chip on your cell phone that provides your location. This technology coupled with cryptocurrency provides instantaneous value with little settlement risk, unlike traditional banking. However, the unknown of “crypto” is valuation. So before you buy that Tesla, it's best to know what your “coins” are worth.
In general, regulators are trying to not squelch the emerging technology but to make sure it proceeds cautiously so that consumers are protected, users are protected, the financial system are protected.
Alma Angotti, Partner & Global Legislative and Regulatory Risk Leader