Former U.S. Treasury Secretary Lawrence Summers argued in an interview with The Money Movement on Thursday, June 25 that while cryptocurrencies are unlikely to overthrow existing monies, they are tackling big problems in the financial world.

He stated that governments will eventually succeed in creating a system with less financial privacy, but added that cryptocurrencies could help to ease issues that arise from a system based on mutual trust.

Cryptocurrencies utilization of blockchain technology allows users to interact without trusting each other, which could lead to new financial systems if adopted by governments.

By Emily Mason