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CFTC Official: Cryptocurrencies ‘Are Not Going Away’ Welcome it now or Later

Cryptocurrencies are here to stay, a U.S. Commodity Futures Trading Commission official said this week. This is what could be term to be a strong message to all those countries banning CryptoCurrencies.

During the Blockchain for Impact Global Summit, held at the United Nations Plaza on Monday, Rostin Benham, one of the CFTC’s commissioners said in his speech that blockchain could be used to address issues in healthcare, employment and crime, among other sectors.

Rostin Benham, Called cryptocurrencies a “technological revolution,” he said: “But virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet … Virtual currencies could transform the economic and social landscape.”

Benham also warned against the flip-side of cryptocurrencies if they are not properly overseen, saying “if we are not thoughtful, if we do not remain ever diligent to the movements within the transformation, we may unleash corruption, criminality and division on a greater scale.”

He warned that “Blockchain could become a source for repression and totalitarianism,”

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Benham has always expressed caution about the potential use cases for blockchain. In an earlier address last month at the FIA Law and Compliance conference, he shared concerns over the possibility of cryptocurrencies threatening the stability of the financial industry.

However, his sentiments over blockchain remain ever cognizant of the new technology’s ability to remake “our economic, social, and political relations.”

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Written by Russell


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