CFTC forecasts crypto to survive the next decade

Oct 04, 2018 at 1:14

The United States’ Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo said crypto is “here to stay” as it becomes poised to resolve major currency issues of several countries.

The top derivatives regulator in the US, however, is in doubts whether cryptocurrencies can topple real world currencies like the dollar.

“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,” the Trump appointee said in an interview with CNBC.

CFTC Chair Chris Giancarlo on the future of crypto from CNBC.

“We’re talking maybe 10 years down the road,” he clarified.

However, the official noted there are several economies today which can find better features in cryptocurrencies that are absent in their current working currencies.

“[T]here’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.”

Dubbed the “CryptoDad”, Giancarlo had advised lawmakers not to overlook the advantages of cryptocurrencies just because the concept is more trendy among the youth, noting the innovations that cryptocurrency can bring.

“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 U.S. Congress did 20 years ago in the early days of the internet,” the CFTC chief added.