In recent years, it seems a new cryptocurrency has been launched every single week. But these digital currencies aren’t just speculative toys; increasingly, businesses and even central banks are using them as a financial tool.
To explain what these developments mean for small enterprises, International Trade and Marketing Professor Christine Pomeranz spoke on a panel in February titled “Digital Currency and Small Business—Because Money Matters.” The panel, held at the Institute of Management Accountants with nearly 1,300 attendees, placed digital currencies within the broader move away from cash and toward digital payments. Attendees learned to distinguish central bank-issued cryptocurrencies from other currencies, how to work this type of asset into a business’s accounting practices, and some risks associated with crypto—such as its environmental impact and the possibility of theft.
The panel, which also included Queens College professor Jian Xiao and Cameron Johnson, partner of Shanghai-based consultancy Tidal Wave Solutions, is available online.