CFTC Chairman: Cryptocurrencies Won’t Replace Dollar
October 4, 2018
The chairman of the US Commodity Futures Trading Commission (CFTC) J. Christopher Giancarlo has claimed that cryptocurrencies will never be capable of replacing dollar yet may turn useful for the majority of countries around the globe:
“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 really is 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 two-thirds 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.”
Giancarlo also voiced his proposal for local regulators to take more considerate approach towards approving crypto products within the US.
It must be added here that some IT organizations with IBM at the head have called the American government lately to help in developing local domestic blockchain industry.