What's next for cryptocurrency in the aftermath of the FTX fraud case?

Cryptocurrency entrepreneur Sam Bankman-Fried, second from right, arrives for an appearance at Manhattan federal court Tuesday, Jan. 3, 2023, in New York. Bankman-Fried will be arraigned in a Manhattan federal court Tuesday. (AP Photo/Craig Ruttle)

George Bragues, an associate vice-provost at the University of Guelph-Humber, says cryptocurrency is a digital form of currency that’s not backed by the Federal Reserve Bank.

“Cryptocurrency exists in a decentralized format. It exists on peer-to-peer computer networks,” said Bragues.

On Tuesday’s edition of “Closer Look,” Bragues further explained that there are different types of cryptocurrency and that cryptocurrency is recorded and tracked on a blockchain (ledger).

During the conversation, Bragues talked about  FTX founder Sam Bankman-Fried’s fraud case, the future of cryptocurrency and if it will be regulated in the United States.