CFTC Suggests UN Might Have a Role in Crypto Regulation & PotCoin Aim to Slam-Dunk Summit
A slight dip in the cryptocurrency markets overnight, the global cryptocurrency market cap down by $6 billion to $342 billion, Bitcoin down $54 to $7648 and Ethereum down $7 to $600.
The Commissioner for the United States Commodities Futures Trading Commission (CFTC), Rostin Benham has made some very positive statements regarding the world of blockchain and cryptocurrencies in a speech at the recent United Nations BFI Summit in New York. Benham underlined the role of the CFTC and its aim to bring transparency in conjunction with other financial regulatory departments in the US, specifically relating to blockchain technology and the general adoption of it. On the subject of regulation he admits “The debate on virtual assets is just beginning. None of us know where it will end. But it has forced us to rethink”, “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. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations”.
Such a high profile official finally admitting that cryptocurrency and blockchain is here to stay is a major step towards general adoption and a clear sign for governments, banks and businesses alike – not just in the US, but on a global level. Benham even goes to the extent of suggesting the United Nations could have a role to play going forward saying “What is the role of the United Nations? Should the institution become an international regulator? Should it become the equivalent of a virtual bank? What enforcement mechanisms should be used? These are questions that have followed the work of the United Nations since its inception, but become magnified in a virtual world on a virtual plane. Are any institutions READY to step into a virtual future?” Benham concluded the speech with another very telling statement clearly illustrating his understanding of the subject: “Blockchain is more than technology: it is an advance that reaches out into every aspect of life. We could use Blockchain to address the most basic, the most primal problems on our planet: corruption, income distribution, poverty, food, and health care. And, the fear billions of people experience everyday as they try to survive.”
PotCoin are attempting to slam-dunk their way into the headlines after offering to broker a trip to sponsor Dennis Rodman on another peace mission to North Korea to coincide with the North Korea/United States summit next week. Rodmans agent revealed little in the way of details about the context of the trip other than to offer “moral support” to both President Trump and Kim Jong Un. Quite what form that moral support might take is anyone’s guess. PotCoin presumably expect to be the overall winners if their previous sponsorship of Rodmans trip last year is anything to go by which saw their cryptocurrency jump by 60%.
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Created: Friday, June 8, 2018
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