“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.”
This is what the commissioner at the U.S. Commodity Futures Trading Commission (CFTC), Rostin Benham said at the United Nations Plaza on Monday during the Blockchain for Impact Global Summit. In his speech, he highlighted the extreme potential of the blockchain to address issues in healthcare, employment, and crime, among other sectors.
Behnam also warned that if cryptocurrencies aren’t seen the way they really are, “we may unleash corruption, criminality and division on a greater scale.”
Behnam continues to display his caution about the potential use cases for blockchain. Just last month, Benham also expressed his concern over the possibility of cryptocurrencies threatening the stability of the financial industry at the FIA Law and Compliance conference.
He still stands to his sentiments over blockchain’s ability to transform “our economic, social, and political relations.”
Blockchain Commission for Sustainable Development initiated that Blockchain technology’s applications will be revealed by the BFI summit to sustain development and humanitarian challenges by engaging the United Nations (UN) departments, programs, funds and specialized agencies.