How Crypto Technologies Could Revolutionize Development

World Bank Group | The Development Podcast

Dec 22 2021 • 23 mins

How could crypto technologies change the international development sector? The World Bank’s Global Director of Finance, Competitiveness & Innovation, Jean Pesme, discusses how blockchain could revolutionize aspects of economic development from trade to remittances. Also, we explore the promise and the pitfalls of this increasingly popular technology. ‘The less intermediaries you have, the easier it is to do it. The more the costs are going to go down, the more transparency you could have, using the data mechanism,’ said Jean Pesme on cross-border remittances. Listen now this episode of The Development Podcast! Timestamps[00:00] Welcome and introduction of the topic [01:04] Basics on crypto technologies: Key definitions and data [06:41] How crypto technologies are benefiting international development [07:53] What impact could blockchain technologies have on remittance payments? [09:40] Fees, transparency, and competition [11:14] The trade challenges that blockchain could help with [12:51] How do cryptocurrencies factor into international development? [16:12] What are the climate implications? [18:18] Pitfalls that people should be aware of when it comes to cryptocurrency [20:26] Trustability, identity, and the architecture of the different assets [21:06] Crypto technologies: the most potential going forward [22:16] Closure and thanks for tuning! ABOUT THE DEVELOPMENT PODCASTThis international development podcast brings together the data, research—and solutions—that can pave the way to a sustainable future. Through conversations focused on revealing the latest data, the best research, and cutting-edge solutions, let us introduce you to the folks working to make the world a better place. Don't miss an episode! (Listen and subscribe for free) on your favorite platform. ABOUT THE WORLD BANK GROUPThe (World Bank Group) is one of the world’s largest sources of funding and knowledge for low-income countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.