Course Duration: 30 minutes
Course Points: 30
In this episode of Fridays with Fintelekt, host Shirish Pathak, Managing Director, Fintelekt Advisory Services is in conversation with Leah Callon-Butler, Director, Emfarsis on cryptocurrency and blockchain adoption, its challenges and potential benefits to society.
Leah’s company Emfarsis, helps early stage companies with their product to market fit. She says that often when a new technology is evolving, it isn’t clear to consumers how it can solve their needs. The same goes for blockchain and cryptocurrencies and Leah works to tell the right stories about how this technology can improve people’s lives.
An example is her video about the Play to Earn NFT game – Axie Infinity – which has garnered considerable popularity amongst people affected by the pandemic by helping them with an alternative revenue source as it allows cashing out into real money (https://www.youtube.com/watch?v=Yo-BrASMHU4).
While Leah is all for allowing innovators to build new solutions, she recognises the role of regulation in fostering trust and confidence, in making regulated financial institutions enter the space and make it more accessible. However, there is a fine balance to be achieved. She feels that regulating too early without proper industry consultation and understanding of how the technology works could lead to unintended consequences. She thinks that blockchain technology could be more useful to compliance and potentially be a better way to prevent crime.
For more such insights around the challenges with the FATF travel rule, the financial inclusion potential of the crypto economy, and a variety of resources that the compliance community can use to keep in touch with developments in this space, watch the entire episode.