Chicago Mayor Calls Crypto Adoption Inevitable

Karan Balwani

March 25, 2019 12:30 pm

Chicago Mayor Calls Crypto Adoption Inevitable
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The 55th Mayor of Chicago and Former Chief of Staff for the Obama Administration has expressed his views on cryptocurrencies. Rahm Emanuel has spoken out that the adoption of cryptocurrencies is inevitable in the near future. This discussion took place in a recent debate during the city’s Fintech movement. 

A cryptocurrency and blockchain event was recently hosted by David Carman, co-founder, FinTank, a project that intends to make Chicago a global financial hub. The Chicago mayor admitted that he lacked sufficient knowledge about cryptocurrencies and the underlying technology, though he made his statements based on the current political landscape.

He gave examples of struggling economies of Argentina and Venezuela citing that their fiat currency has inflated out of control. He says that the use of cryptocurrencies as a tool will help the citizens of these countries to gain a better grip on their finances and provide an opportunity to opt out of their current monetary system.

He stated 

“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 they are facing a financial crisis, and then you’re going to find out that this moment has arrived.”

Notably, Emanuel is an experienced politician who agrees that he needs to learn more about cryptocurrencies and blockchain technology.

Chicago is home to the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) have both listed Bitcoin on their platforms. The mayor also cited a Deloitte report that listed Chicago in the top by global technology hubs.

Meanwhile, other US states such as Wyoming and Colorado have already proposed cryptocurrency regulations. Wyoming recently introduced a bill that would recognize cryptocurrencies such as Bitcoin as a valid currency. Meanwhile, Colorado introduced the digital token act which provides an exemption to certain tokens from the securities law. Mayor Emanuel said that he was not aware of these regulations and assured that he is open to new ideas.

This news was first reported by Forbes.

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