Cryptocurrencies are here to stay, CFTC official

He also says that blockchain has massive potential uses in healthcare, employment, in the fight against crime and many other sectors.

“Virtual currencies 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 organisations,” he says.

“We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle,” he explains. Benham says virtual currencies and blockchain technology by way of smartphones can effectively “bypass corruption” by putting “money directly into the hands of those who need it, without bribery, rake offs, graft and shakedowns. Virtual currencies could transform the economic and social landscape … without a military takeover, civil war,or political or religious creed.”

He does, however, see one clear obstacle to this transformation: “Economic elites know all this. They will not be idle.” And this represents “a powerful danger.”