Could digital currencies improve financial conditions in war-torn countries? Boston University’s Center for Finance, Law and Policy (CFLP) has convened a task force to explore whether they can.
The research effort, which began earlier this year, follows on the heels of an October 2013 report on remittances in regions of beset by strife and turmoil. That report had a particular focus on the Middle East and Africa, and did not analyze digital currencies.
From Commonwealth central bankers to major credit card networks, digital currencies have been cited by many observers as a possible game-changer for the world of remittances, despite pushback from industry incumbents.
Organizations such as the Bill Melinda Gates Foundation have also begun looking at blockchain implementations as a means of developing new payment systems for the unbanked.
The task force is being led by Daivi Rodima-Taylor and William W Grimes of the CFLP, an interdisciplinary research initiative focused on financial issues. The CFLP recently hosted a panel that explored bitcoin and the blockchain and how they might fit into the broader world of formal and informal remittance flows.
Moderated by Circle’s John Beccia, panelists included Counterparty community manager Chris DeRose,