CFTC official says cryptocurrencies are here to stay; could transform economic landscape

An official from the chief US commodities regulator agrees that cryptocurrencies are here to stay and won’t be going away anytime soon.

Rostin Benham, a commissioner at the U.S. Commodity Futures Trading Commission said in a speech at the BFI Summit in New York at United Nations Plaza, "...virtual currencies may or 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."

He also stressed about the major potential for blockchain to address issues in healthcare, employment and crime, among other sectors.

Benham addressed cryptocurrencies as a “technological revolution". He further said, "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. Blockchain could become a source for repression and totalitarianism."

Benham also warned about the demerits of cryptocurrencies due to lack of regulation. Benham has previously expressed his concern to give proper attention and caution towards the use cases for blockchain. At the FIA Law and Compliance conference last month, Benham marked the threat cryptocurrencies had on the stability of the financial industry.

The Blockchain for Impact summit is a part of the Blockchain Commission for Sustainable Development which was established last year by the UN General Assembly. It aims at uncovering application of blockchain technology to sustainable development and humanitarian demands by engaging the UN departments, funds, programs and specialised agencies.