Speaking at a Blockchain for Impact Global Summit, held at the United Nations Plaza on Monday, Rostin Benham, a commissioner at the U.S. Commodity Futures Trading Commission CFTC), said that cryptocurrencies are here to stay. Benham underlined the significant potential for blockchain to address issues in healthcare, employment and crime, and other public sectors.
“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 additionally cautioned against the other side of cryptographic forms of money on the off chance that they are not appropriately managed, saying, “on the off chance that we are not mindful, on the off chance that we don’t remain ever constant to the developments inside the change, we may release debasement, culpability and division on a more noteworthy scale.” He stated.
Benham additionally warned against disadvantages of cryptocurrencies if not properly supervised 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.”
“Blockchain could turn into a hotspot for restraint and totalitarianism,” he cautioned.
This isn’t the first run through which Benham has communicated alert about the potential use cases for blockchain. In an earlier address a month ago at the FIA Law and Compliance gathering, he shared worries over the likelihood of cryptocurrencies debilitating the stability of the financial industry.
In any case, his estimations over blockchain remain ever insightful of the new innovation’s capacity to redo “our economic, social, and political relations.”
The BFI summit was aimed at revealing the usage of blockchain innovation to economic improvement and sustainable challenges by drawing in the United Nations (UN) offices, supports, programs and concentrated organizations. It is a piece of a more extensive activity by the Blockchain Commission for Sustainable Development that was built up a year ago by the UN General Assembly.