A cryptocurrency is a digital currency using strong encryption to secure financial transactions. In contrast to government controlled, regulated and supervised currencies, a cryptocurrency is decentralized without a principal authority. Facebook recently proposed creating a cryptocurrency called Libra for the internet but the Federal Reserve said it has “serious concerns,” and the largest financial companies recruited for the project – Visa, Mastercard, and eBay – withdrew in October 2019.
Nevertheless, China for example, sees potential in establishing a cryptocurrency and is moving forward in researching its viability. PricewaterhouseCoopers sees the blockchain technology used in cryptocurrency as having beneficial applications in fund transfers, settling trades, and even voting.
The Denver Community Kollel features a popular monthly Lunch and Learn focusing on business and personal ethics, entitled, Torah for Tycoons (T4T). The Lunch and Learn generally showcases a business leader presenting an ethical dilemma encountered in one’s profession followed by a halachic analysis by a Kollel scholar. Last week TFT addressed, The Legal and Halachic Status of Cryptocurrency, featuring Micah Schwalb, Esq. Founding Partner, Roenbaugh Schwalb, and Kollel Senior Educator Rabbi Mordechai Fleisher.
See also our earlier posts: