Swiss finance professor Fabian Schär (left)’s interest in blockchain began with a love of computer technology.
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The international monetary and financial system is changing at breakneck speed. Cryptocurrencies, such as bitcoin, and blockchain technology pose major challenges for banks. Fabian Schär, Professor of Blockchain, Bitcoin and Financial Market Technology at the University of Basel, has a front seat to see these developments.
Fabio Canet
The shape of our monetary system is politically significant, Fabian Schär told SWI swissinfo’s Geldcast podcast. The professor of financial market infrastructure is one of the world’s most sought-after experts on the topic of cryptocurrencies and blockchain. He has been invited to speak at G20 meetings and most recently at the Indian Ministry of Economic Affairs.
+ Listen to Fabio Canetg’s regular take on hot economic topicsExternal link
“The atmosphere at such meetings is very impressive,” says Schär. The G20 is a loose association of the world’s largest economies, attended by the most powerful political actors. Proposed amendments to international regulations are often discussed first at these meetings, mostly behind closed doors.
Fintech is a hot topic at the moment and it’s Schär’s specialty. Fintech includes everything related to financial market infrastructure, such as processing payments.
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Cryptocurrencies are important innovation drivers. Payments with bitcoin no longer need a central counterparty – money can be sent directly from buyer to seller. This is different with regular money transfers where payments go through a third party, often a bank.
“I was extremely skeptical”
So will bitcoin prevail as a new currency? Schär is very cautious with his predictions. “If everything develops as it was originally intended, bitcoin could potentially become a store of value in the future,” he says. But Schär doubts whether bitcoin will become an established means of payment.
Nevertheless, he finds the innovations in cryptocurrencies very exciting. As a youth, Schär developed an interest in computer science by spending a lot of time playing video games. Later, when he studied economics, he started delving into cryptocurrencies.
“I was extremely skeptical at first,” he says. “But the more I looked into cryptocurrencies, the more fascinated I became.” For Schär, bitcoin is an important innovation. “The system is incredibly well thought out.” But he also warns against risks: “Great fluctuations in value are a problem.” Schär recommends investing in self-education and a better understanding of cryptocurrencies before trading.
Schär puts his advice into practice in his role as a professor specializing in cryptocurrencies. He can exchange ideas with very interesting people from the political and private sector.
His research covers the future role of the financial infrastructure and the changing role of intermediaries, such as banks. Much remains unclear, says Schär, but he can be clear about one thing: “These roles will evolve”.
The SWI swissinfo.ch Moneycast
Author Fabio Canetg completed his doctorate in monetary policy at the University of Bern and the Toulouse School of Economics. Today he is a lecturer at the University of Bern. As a journalist, he works for SRF Arena, Republik Magazin and SWI swissinfo.ch, where he hosts the monetary policy podcast “Geldcast”.External link“.
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