Technology is not something to be feared. It is something to be embraced when put in the right context.
I have been involved in educating and helping kids understand technology such as cryptocurrency and blockchain for a number of years because the next generation needs to be prepared for the future.
Consider this: there are approximately 405,000 bitcoin transactions carried out on a daily basis. About 10 percent of the world’s population and 16 percent of Americans own cryptocurrency.
Moving securities to blockchain could save as much as $24 billion annually.
There is no question cryptocurrency and blockchain are going to be an important part of our future. The convenience and money-saving aspects will inevitably accelerate its use.
It is imperative for our leaders in Illinois to not only understand the new technology but also position Illinois as a leader in cryptocurrency and blockchain.
Cryptocurrency, like several other innovations which have trodden new paths in large fields among established players, continues to exist in an environment of skepticism despite the fact cryptocurrency is already being incorporated into financial systems and government regulations are gradually catching up to this growing addition to the financial sector.
Gov. JB Pritzker understands the potential behind cryptocurrency, which is why he heralded the news of crypto ATM operator Coinflip’s new headquarters in Chicago. Before that, the Illinois Blockchain Task Force of 2018 found that blockchain technology’s built-in encryption can facilitate better cybersecurity protections for Illinois residents.
Like these leaders have, we must remember our inspiring history of innovation and our long-standing status as a global leader in financial services while we consider the future of cryptocurrency and the blockchain technology that underlies it. With the right mindset, policymakers can honor the entrepreneurial spirit of Illinois — authentically and responsibly.
Aicha Sharif
Chicago
