LabCFTC head: COVID-19 can digitalize the payment base

by in Cryptocurrency News

Commodity Futures Trading Commission

Melissa Netram, head of the research division of the Commodity Futures Trading Commission (CFTC), predicts an acceleration of the transition to a qualitatively new financial infrastructure.

The structure of the global economy is changing. For some areas, the crisis will deal a crushing blow, but other areas, such as blockchain, will only benefit.

LabCFTC Director said: "My official point of view, I think that now more than ever during the crisis we see how technology and innovation help us move on to the next stage."

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According to the expert, CFTC is currently developing mechanisms for regulating relations in the blockchain industry and other innovative fields. At the exit, we get a new payment infrastructure, which in many respects will be better than today's financial system, Netram summed up.

Analysts at the research division at Binance recently expressed a similar point of view. Only they did not focus on coronavirus but the upcoming launch of the Libra crypto project.

Their report says that the emergence of a new asset will create conditions for changing the infrastructure for processing financial transactions. In particular, operating costs will be reduced and overall system performance will be increased.