The introduction of cryptocurrencies has given cause for consumers, banking institutions and regulators alike to rethink their understanding of money.
While rapid consumer adoption and innovative payment systems point towards the potential longevity of cryptocurrencies as a medium of exchange and a potential store of wealth, the prevalence of criminal activity facilitated by the currency's anonymity, as well as a lack of price stability, it could be argued, have resulted in a breakdown in trust and a slowing in merchant acceptance.
The lack of suitability of current cryptocurrencies as an effective store of value and unit of account, due to a lack of price stability, however, make the adoption of cryptocurrencies as a national currency extremely doubtful.
This forum explores the following:
- Currency definition: Can cryptocurrencies be classified as money?
- How should cryptocurrencies be defined?
- Key drivers of cryptocurrency supply and demand, and the impact of each (with practical examples)
- What drives market value?
- Scarcity and the liquidity lake
- Market competition
- The role of institutions and regulation
- A new trust paradigm facilitated by transparency
- Denationalisation of money: The argument for and against
- Network effects and switching costs
- Government and national cryptocurrencies/blockchains
- Application in emerging markets
- Cryptocurrency Challenges
Craig Penfold is the founder of blox advisory, an independent, research-centred consulting firm, providing product agnostic blockchain and cryptocurrency advisory services to organisations and institutions. With more than 20 years' experience in various supply chain and technology executive roles, Craig has developed a proven track-record for matching technology solutions to organisational requirements. His interest in cryptocurrencies and their underlying technology was sparked in 2013 with an economic perspective surrounding competition and regulation later taking centre stage as the topic for his Master's thesis. Craig is passionate about the implications for these technologies in emerging markets and is currently registered as a Ph.D candidate at GIBS with a view to furthering knowledge in this regard.
A light meal will be served after the event.
Please note that the GIBS forum events are filmed for GIBS, City Press and BDTV.
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