CFTC Says Crypto Is Here to Stay, to See Major Adoption in Countries Lacking a Stable Currency
Cryptocurrency Could Reach Major Adoption for Countries That Lack Stable Currency
Cryptocurrency may never be a strong enough digital assets to be able to replace major fiat currencies. However, the way that it provides the security for countries without a major banking presence maybe a possibility. Even though there are many naysayers that’s want to condense Bitcoin on to the blockchain for trading and nothing more, J. Christopher Giancarlo believes differently. Considering that he is the top derivatives regulator within the United States, his predictions are worth listening to.
Giancarlo holds a place as the chairman of the Commodity Futures Trading Commission, and he recently participated in an interview with CNBC. He held onto the stance that cryptocurrency is “here to stay,” even if it doesn’t take over the world in the way that investors want it to.
Continuing, he added,
“ I personally think that cryptocurrencies are here to stay. I think there is a future for them. I'm not sure they ever come to rival the dollar or other hard currencies, but there’s a whole section of the world that is really hungry for functioning currencies that they can’t find in their local currencies. There’s 140 countries in the world, every one of them has a currency. Probably 2/3 are not worth the polymer or the paper they’re written on, and those parts of the world rely on hard currencies. Bitcoin [or another] cryptocurrency may solve some of the problems.”
However, Giancarlo doesn’t see this happening for another decade.
Giancarlo has remained aggressive about addressing legislators in an effort to continue pursuing regulations regarding cryptocurrency. He hopes that they take a reflective attitude towards cryptocurrency products, even if that means that the United States cannot be the leader in cryptocurrency or blockchain technology. That is much of the reason that this Trump appointee has held at the nickname “CryptoDad,” following a congressional testimony that encourage said of legislators.
Wrapping up the interview, Giancarlo commented,
“There’s no question that the United States is leading in a number of areas. But there's other areas as well of innovation where I think it makes sense for us to take a little bit more of a thoughtful and intelligent approach, just as the US Congress did 20 years ago in the early days of the internet.”
To view the full video, visit https://youtu.be/2cCqAhqYG5A.