Cryptocurrency Diverting the Flow of Money

Abstract

By Owen Racer, Economics and Journalism

Advisor: Michael Jones

Presentation ID: 46

Abstract: Cryptocurrencies are being used to reach places once unreachable, help those in need, and bypass centralization. This research focuses on how and why decentralized finance (DeFi) has come to the forefront of solving international financial struggles such as the humanitarian crisis in Afghanistan and the Russian attack on Ukraine. Where centralized markets can't or won't perform the way people want, decentralized cryptocurrencies have been the answer, despite the uncertainty that tags along. However, there's no denying that the excel of DeFi has had both drastically positive impacts of late but also some pitfalls. So, why have these events occurred? What do they mean for the future of economic sanctions?