During the last year, regulatory agencies have been working in order to find a way to regulate virtual currencies. And the task was not easy. All over the world, these institutions are analysing, studying and evaluating different measures that could be taken to control the market.
This time, CFTC commissioner, Rostin Behnam, said that cryptocurrencies are a ‘modern miracle.’
Cryptocurrencies are a ‘Modern Miracle’
During his speech at the BFI Summit on June the 4th, Behnam said that blockchain technology is powerful enough to transform the world into a better one. He has also said that this technology could have a positive impact on every aspect of life.
At the moment, blockchain is expanding in many different industries. As we have written in the past at UseTheBitcoin, countries, institutions, enterprises and more, are changing the way they offer services and products.
According to Behnam, blockchain is shaping the economy and also social and political relations. Moreover, the future global economy will be dependent on distributed ledger technology, and small countries will depend on digital assets that are not related to traditional financial institutions.
In addition to it, virtual currencies will also have an important role in the economy. For example, cryptocurrencies will become as widespread as paper money, and this will be game changing. At the moment, cryptos are still expanding, but in the future, they will be more important players.
Financial institutions are already working with cryptocurrencies and distributed technology. Bank’s clients are now able to start enjoying different blockchain and crypto-related products, paying less for the services and having a better overall experience.
Since the beginning of the year, cryptocurrencies are operating in a bear market. It is not possible for these digital assets to recover part of the market lost.
At the moment of writing this article, cryptocurrencies have a total market capitalization of $276 billion dollars, Bitcoin being the most important crypto and $110 market capitalization. The famous virtual currency has now a 40% dominance, while Ethereum has around 17%. Today, most cryptocurrencies are operating negatively.