BITCOIN OPINION JUNE 08, 2018 20:12
Cryptocurrency a ‘Modern Miracle,” Not Going Away: CFTC Commissioner
One of the top market regulators in the US said this week that cryptocurrency is a “technological revolution” that will one day be a part of every national economy.
Speaking on Monday before the BFI Summit at the United Nations, Commodity Futures Trading Commission (CFTC) Commissioner Rostin Behnam discussed challenges faced by the agency as it regulates industries associated with the nascent blockchain field. However, far from denigrating this technology as a tool for criminals, he heaped copious praise upon it for its ability to positively 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,” he said, adding:
“We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
Notably, Behnam, a Democratic Trump Administration appointee who began serving as commissioner in 2017, further stressed that decentralized and privately-issued cryptocurrencies — not central bank-backed digital currencies (CBDC) — will replace physical fiat currencies, at least in many parts of the world.
“Some places, small economies, may become dependent on virtual assets for survival,” he said. “And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations.”
HURRY UP CRYPTO DEFENDER
Cryptocurrency a ‘Modern Miracle,” Not Going Away: CFTC Commissioner
One of the top market regulators in the US said this week that cryptocurrency is a “technological revolution” that will one day be a part of every national economy.
Speaking on Monday before the BFI Summit at the United Nations, Commodity Futures Trading Commission (CFTC) Commissioner Rostin Behnam discussed challenges faced by the agency as it regulates industries associated with the nascent blockchain field. However, far from denigrating this technology as a tool for criminals, he heaped copious praise upon it for its ability to positively 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,” he said, adding:
“We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
Notably, Behnam, a Democratic Trump Administration appointee who began serving as commissioner in 2017, further stressed that decentralized and privately-issued cryptocurrencies — not central bank-backed digital currencies (CBDC) — will replace physical fiat currencies, at least in many parts of the world.
“Some places, small economies, may become dependent on virtual assets for survival,” he said. “And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations.”
HURRY UP CRYPTO DEFENDER
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