Virtuality is a trend that is becoming increasingly important in global business.
The emergence of the digital world has brought great changes that have transformed the way of life of people around the world, and a clear example of this are cryptocurrencies, a model of virtual money that has become an important alternative for the financial system .
According to Alberto Muñoz Santiago, MBA Coordinator and Master of Finance at the Business School of Universidad del Norte “cryptocurrencies are the digital equivalent of cash. A banknote is a bank note issued by the central bank of a country to facilitate trade and business in general, a virtual currency is the same, but without the central bank and without the tangible document. ”
The cryptocurrencies are based on blockchain technology (Blockchain), which is essentially a public accounting book, immutable and easily verifiable by all users of that technology.
“That same inalterability of the chain of blocks, make it an exceptional source of confidence for the records that are stored in it, and profile it as a new disruptive technology capable of substantially changing the dynamics of the sectors of the global economy “, Says Olson Ortiz, Professor at the Department of Finance and Organizations of Universidad del Norte
Due to the fluctuations to which the cryptocurrencies are subject, since they are not backed by any central bank, it is estimated that their use will substantially influence the economic reality of the business, since as it gains popularity it will become a new form of payment. of high versatility.
“Due to their natural condition of not being subject to border restrictions or exchange rates between countries, from a virtual wallet you can make the payment of some bananas in Medellín, a video game in South Korea, or a house in Florida, in the United States, “confirms Alberto Muñoz.
The institution of higher education, has a wide range of academic programs with two years, where the main objective is to train executives with a global vision of cryptocurrencies and their importance in the world’s finances, and with skills to face scenarios where risk is the common denominator.
In the MSc in Finance, for example, the issue of risk and profitability are fundamental throughout the program, as it seeks to forge financial strategists and risk managers.
“Additionally, in the subject International Finance of the MBA (Master of Business Administration), topics related to currency management are taught and cryptocurrencies are analyzed in depth”, reports Muñoz.
In the Master in International Business, virtual currencies are a mandatory subject, as well as in courses related to international trade and financial risk hedges.
“Being a pioneer always gives advantages to those who make the decision to be, at the Universidad del Norte we tend to grant our students knowledge and state-of-the-art technologies, such as cryptocurrencies and their supporting Blockchain, allowing them to take strategic positions that will be of major importance in the future. near”
In Colombia, virtual currencies have been very well received and accepted, so much so that in 2017 it ranked number 3 worldwide in the list of countries where cryptocurrency transactions grew the most.
“According to El Comercio newspaper in Peru and according to Localbitcoins.com, Bitcoin reported a growth of 1200 percent in 2017 for Colombia, a percentage exceeded only by China and Nigeria, with 2000 percent and 1400 percent, respectively,” says Olson. Ortiz Not being subject to legal and border restrictions, cryptocurrencies are established as natural stimulants of international trade and the advance of the Colombian economy towards global integration.