CFTC Commissioner: Cryptocurrencies Won’t Go Away
June 15, 2018
The US Commodity Futures Trading Commission (CFTC) member called cryptocurrencies a revolutionary technology that is going to be an indelible part to the world economy.
During his speech at the BFI conference held last Monday CFTC commissioner Rostin Behnam told about the problems the Blockchain regulation agency faced. Surprisingly enough, Behnam spoke on positive sides of the technology and gave an upbeat assessment to its capability of remolding global financial system:
“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”.
Behnam stressed, the future of the world economy depends on decentralized and anonymous cryptocurrencies, not on state-backed ones issued by central banks. They are to replace fiat currencies around the globe.
While speaking on the prospects of development for cryptocurrencies Behnam cautiously suggested an optimistic idea that total spread of cryptocurrencies may cause fair distribution of monetary stock with most of funds taken from corrupt officials due to millions of common citizens.
“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”.
But Behnam supposed, economic revolution may turn a disaster if economic elite start controlling distribution of crypto assets thus allowing for corrupt officials to use cutting edge technologies for further embezzlement.
“Virtual assets may be a stranglehold. In other words, technology can be a weapon against the work of the United Nations and others trying to alleviate poverty or violence. Virtual assets become a means of deeper control of wealth and a means of exploitation”, he added.