A top Commodity Futures Trading Commission officer has said that cryptos are going nowhere and they represent a technological revolution that in the future will be part of every nation’s economy. The CFTC commissioner Rostin Behnam was speaking at the BFI summit when he made these remarks.
He goes on to discuss the challenges that are faced by the agency as it tries to regulate industries that are associated with the Blockchain technology. Rather than criticizing the new technology as a tool for criminals, he goes on to heap praise on its ability to transform the financial sector.
“But virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
Rostin was appointed as the commissioner of CFTC in 2017 and he insists that decentralized and private issued cryptos will replace physical fiat currencies – not central bank backed digital currencies (CBDC) – at least in some parts of the world.
Adding some economies will become independent on digital assets for survival. These virtual currencies will operate outside the traditional monetary intermediaries like banks, ministries, and governments.
However, he is cautiously optimistic about the future. He says:
“There are 6.8 billion cell phones in the world, almost one for every person on the planet. Here is our chance to put money directly into the hands of those who need it, without bribery, rake-offs, graft, and shakedowns. Virtual currencies could transform the economic and social landscape. It could mean a massive, and equitable, shift of wealth. Technology could be transformational, without a military take-over, civil war, or political or religious creed.”
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