Chicago Mayor and Former Obama’s Chief of Staff Rahm Emanuel says Cryptocurrency Adoption is Inevitable

Mayor of Chicago and former Obama’s chief of staff Rahm Emanuel recently talked about Cryptocurrencies in a recent debate on the city’s Fintech movement. He stated that he sees the adoption of Crypto as inevitable, reports Forbes.

Mr. Rahm commented on Cryptocurrency and Blockchain in a recent event hosted by David Carman, the co-founder of FinTank which is a project focused on making Chicago a global financial hub. The mayor admitted of not having enough knowledge about Cryptocurrencies and the technology behind it but he makes his case based on the political scenario.

He cites examples of falling economies like Venezuela and Argentina where their currencies have inflated out of control. He sees a use case for Bitcoin and other Cryptocurrencies as a tool for people living in these countries to opt out of their monetary system.

He said:

“Nation states are falling apart or receding. City states are emerging, so the political structures we all grew up under are changing. 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 their facing a financial crisis, and then you’re going to find out that this moment has arrived.”

Emanuel being an experienced politician acknowledged that he needs to learn more about Cryptocurrencies and Blockchain technology.

“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.”

Chicago – a Crypto friendly Hub

Chicago is the home for the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) both of which have listed Bitcoin on their platforms. The mayor cited a Delloite report that listed Chicago in the top five global technology hubs, “If you’re not innovating, you’re falling behind,” Emanuel said.

The US states of Wyoming and Colorado have gotten ahead in Crypto regulations, while Wyoming introduced bills that would recognize Cryptocurrencies like Bitcoin as a currency, Colorado introduced the digital token act which exempts certain tokens from securities laws. Mayor Emanuel said he was not aware of these regulations but assured that he is open to newer ideas.

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