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CFTC May Apply Blockchain For Market Oversight

13:58 08/11/2018

Distributed ledger technology, or DLT, can help regulators to monitor trading markets. It was stated by Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission (CFTC), according to the organization's website.


Making a keynote at the FinTech Week conference, Giancarlo spoke about the impact of the evolving technologies like blockchain, artificial intelligence and automatic data processing on the field of finance and trade. He emphasized that technologies do not replace human intelligence, but only strengthen it while researching and analyzing the market.

The CFTC head believes that blockchain can relieve specialists of monotonous work and work of low value so that they can focus on more valuable tasks that need their expert assessment and professional knowledge.


Giancarlo claimed that DLT-based tools can find risks cases and pass them on to specialists for further analysis. For example, computers can be trained to detect illegal trade or attempts to manipulate the market. According to the chairman, decentralization of these technologies will only increase their value.

Also, the CFTC chief spoke about the so-called agile regulation, which will be possible with the help of blockchain. Its main point is to avoid relying on static rules, designed in disregard of their consequences for the market, but instead to analyze the data and take into account the real market results. Giancarlo suggested that someday these new recommendations will be digitized, and their compliance and regulatory reporting will be monitored in real time via smart contracts.


Previously, the Chinese central bank warned about "bubbles" and financial schemes related to blockchain.

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