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Cryptocurrency protects global economy as Chicago mayor sees

Cryptocurrency protects global economy as Chicago mayor sees

March 21, 2019, | AtoZ MarketsThe latest updates on adopting the cryptocurrency in the United States say that say that the mayor of Chicago, Rahm Emmanuel, has recently expressed his explicit support to digital assets, hinting that Cryptocurrency protects global economy.

Emmanuel, who previously served as Chief of Staff for President Barack Obama, said that the future for cryptocurrency is coming, as per media reports.

The mayor sees that cryptocurrency is capable of playing a significant role in debt markets, as well as in helping the third world countries, which suffer from unreliable currencies, expressing his optimism as for how cryptos will reform the financial frame of the society.

“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”, said the mayor.

 

Cryptocurrency is the savior for economically exhausted countries

Seeing that nation-states are “falling apart”, while “city-states are emerging.”, Emmanuel cited Argentina as an example of a financially-overwhelmed country and the potential the digital assets have in helping the country.

“One day, somebody’s going to figure out – whether that’s Argentina, ten years from now, five years from now – how to use cryptocurrencies to stay alive when they’re facing a financial crisis, and then you’re going to find out that this moment has arrived.”

Even though the senior politician sees there is definitely great value in cryptos, however, he did not give a determined date for when they will be fully adopted as money to use and circulate in the market, however, he expects them to be in use in the era of the next generation, as per him.

“My kids will figure out how to get their hands on it.”, Said Emmanuel, and hinted that he himself does not use the cryptocurrency.

 

Chicago had preceded in adopting bitcoin

 It is worth mentioning that the mayor of Chicago gave these statement when he was hosted in an event organized by David Carman, Co-Founder and COO at FinTank in Greater Chicago Area.

Carman, who promotes that “Chicago is fast becoming the crypto trading capital of the world”, endeavours to make the state as a financial technology hub in the middle of the United States.

“We want Chicago to be recognized as the global leader of the FinTech revolution. That’s going to take a lot of work, but you have artificial intelligence, big data analytics, blockchain, cryptocurrency, cyber security, insurtech, lending, payments, welltech, augmented virtual reality, regtech, on and on it goes, and they’re all, at a minimum, billion-dollar markets, and some I think are going to be trillion-dollar markets, not just crypto.”, said the pro-crypto businessman.

In a similar context, the state of Ohio was previously reported to have started accepting tax payments in cryptos, as the state was reportedly working on making of itself an encouraging environment for the blockchain technology and digital assets.

A cryptocurrency portal, that allows businesses to pay with cryptocurrency, was launched in the state at the time, as per the Wall Street Journal.

The website says that bitcoin is “instantaneous, secure, and transparent” to use for payment., citing 23 different types of taxes for which companies can pay in bitcoin, which ranged between tobacco taxes to those for fuel and sales.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.