United States Commodities Futures Trading Commission (CFTC) commissioner, Rostin Behnam recently gave a speech in which he predicted that “virtual currencies […] will become part of the economic practices of any country.” The CFTC commissioner predicted that cryptocurrencies will have a transformative effect in providing financial services to unbanked populations, and undermine corruption through increasing financial transparency.
“Cryptocurrencies Will Proliferate to Every Economy and Every Part of the Planet” – CFTC Commissioner, Rostin Behnam.
Whilst speaking at the recent BFI Summit at the United Nations court in New York, CFTC Commissioner, Rostin Behnam, spoken his belief that virtual currencies will be integrated into the cost-effective practices of completely nations.
Mr. Behnam affirmed that “virtual currencies may – will – befit job of the lucrative practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will increase to every cheap and every measurement of the planet. Some places, small economies, may grow dependent on virtual assets for survival. And, these currencies will be outside time-honored financial intermediaries, like government, banks, investors, ministries, or global organizations.”
“We are Witnessing a Technological Revolution. Perhaps We are Witnessing a Modern Miracle”.
Mr. Behnam predicts that virtual currencies will chip away economic corruption, however, he moreover warns that the “economic […] kleptocracy” exerts unnecessary talk into over the cryptocurrency markets, that virtual currencies could become a vehicle for further capital accumulation for the financial elites.
Mr. Behnam states “One of the frequently discussed harms in budding countries is corruption. I comprehend it is a persistent problem, dejection the design of the United States and nigh on every one of intercontinental organizations. It may be the song furthermost hurdle to party justice, equality, hunger, peaceful declaration of conflict, and a horde of other harms […] Now, with the introduction of virtual assets, technology may afford a solution. And, the lone most bat against corruption may be the faction phone. here are 6.8 billion faction phones in the world, roughly one for every individual on the planet. Technology may perhaps only bypass corruption.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 can transform the money-making and social landscape. It may possibly average a massive, and equitable, change of wealth. Technology may well be transformational, without a military take-over, civil war, or political or religious creed.”
“However,” he continued, “economic elites be acquainted with altogether this. They will not be idle. This is I beg your pardon? I lowly by a haunting danger. If the kleptocracy pedals technology and the method of distribution, after that they purely accumulate added wealth at the outlay of their citizens, draining wealth in cryptocurrencies more accurately than dollars or euros. Virtual assets may be a stranglehold. In other words, technology know how to be a bludgeon against the work of the United Nations and others annoying to alleviate poverty or violence. Virtual assets become a means of deeper control of wealth and a means of exploitation.”
Virtual Currencies Provide Financial Services To Unbanked Populations.
The CFTC chief discusses the aptitude for cryptocurrencies to perform as a course through which the vast populations lacking access to basic financial services to attain bigger cost-effective autonomy.
“Traditionally, there has been a need for a trusted intermediary – for example, a bank or other financial institution – to serve as a gatekeeper for transactions and many economic activities. Virtual currencies seek to replace the need for a central authority or intermediary with a decentralized, rules-based and open consensus mechanism,” said Mr. Behnam.
“The so-called ‘unbanked’ could now be on the virtual grid. And, those without computers, some four billion people, could gain an important connection through cell phones. And, the discussion has extended to micro-lending, micro-transactions, greater transparency, and greater financial inclusion,” he added.
Source: bitcoin.com
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Nice
The Cryptocurrency is buliding in such a way that it will bring a revolution in the world elminating the regular bankanking..so it is better for ti invest in the crypto rather than banks..
Nice post delivering alot of history about crypto..