{"id":2310,"date":"2018-06-08T09:08:34","date_gmt":"2018-06-08T09:08:34","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=2310"},"modified":"2018-06-26T11:51:12","modified_gmt":"2018-06-26T11:51:12","slug":"cryptocurrencies-will-proliferate-to-every-economy-and-every-part-of-the-planet-cftc-commissioner-rostin-behnam","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/cryptocurrencies-will-proliferate-to-every-economy-and-every-part-of-the-planet-cftc-commissioner-rostin-behnam\/","title":{"rendered":"\u201cCryptocurrencies Will Proliferate to Every Economy and Every Part of the Planet\u201d \u2013 CFTC Commissioner, Rostin Behnam"},"content":{"rendered":"
United States Commodities Futures Trading Commission (CFTC) commissioner, Rostin Behnam recently gave a speech in which he predicted that \u201cvirtual currencies [\u2026] will become part of the economic practices of any country.\u201d 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.<\/p>\n
Whilst speaking at the recent BFI Summit at the United Nations Plaza in New York, CFTC Commissioner, Rostin Behnam, expressed his belief that virtual currencies will be integrated into the economic practices of all nations.<\/p>\n
Mr. Behnam stated that \u201cvirtual currencies may \u2013 will \u2013 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. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations.\u201d<\/p>\n
<\/a><\/p>\n Mr. Behnam predicts that virtual currencies will undermine financial corruption, however, he also warns that the \u201ceconomic [\u2026] kleptocracy\u201d exerts excessive influence over the cryptocurrency markets, that virtual currencies could become a vehicle for further capital accumulation for the financial elites.<\/p>\n Mr. Behnam states \u201cOne of the often discussed problems in developing countries is corruption. I know it is a perennial problem, undermining the work of the United States and virtually all international organizations. It may be the single greatest impediment to social justice, equality, hunger, peaceful resolution of conflict, and a host of other problems [\u2026] Now, with the advent of virtual assets, technology may provide a solution. And, the single greatest weapon against corruption may be the cell phone. There are 6.8 billion cell phones in the world, almost one for every person on the planet. Technology could simply 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 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.\u201d<\/p>\n\u201cWe are Witnessing a Technological Revolution. Perhaps We are Witnessing a Modern Miracle\u201d<\/h2>\n