CFTC Official Bullish on Cryptos; Address them as a “Technological Revolution”

CFTC official, Rostin Behnam shared his bullish views on cryptocurrencies that are going to penetrate every part of the economy. Seeing Blockchain technology as a real-world problem solver, he also warns of the negative effects if left unregistered.

Rostin Behnam: We are witnessing a modern miracle…

Cryptocurrencies are gaining increasing interest and approval of regulators lately. Just recently, SEC chairman, Jay Clayton talked about how bitcoin is not a security. Now, CFTC official is sharing his bullish sentiments on cryptocurrencies.

At the Blockchain Commission for Sustainable Development’s Blockchain for Impact summit, CFTC commissioner, Rostin Behnam made a powerful speech. The UN General Assembly established this summit last year.

He opened his statement with,

“We are literally discussing a new world.” Commenting on the cryptocurrencies, he shared: “But virtual currencies may – will – become part of the economic practices of any country, anywhere.”

“These currencies are not going away and they will proliferate to every economy and every part of the planet.”

With this comment, he certainly had the crypto enthusiasts cheering. But he just didn’t stop there, he continued:

“these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations.”

“We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle…”

Also, read: Blockchain Unable to Meet the High Demands of Financial Market Infrastructure- Dutch Central Bank

Blockchain is more than technology, regulations a necessity

Furthermore,

“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.”

Behnam also shared his views on Blockchain technology, stating:

“Blockchain is more than technology: it is an advance that reaches out into every aspect of life. We could use Blockchain to address the most basic, the most primal problems on our planet: corruption, income distribution, poverty, food, and healthcare. And, the fear billions of people experience every day as they try to survive.”

Regulation is also an essential part of this development as he explains:

“Regulation is often behind the curve, unable to keep up with daily developments. At least the developments we know about.

As a result, some countries have outlawed virtual currencies. Others have new, strict laws to control them. Many countries simply don’t know what to do. Their policy is bewilderment. Or avoidance. And, some countries think virtual currencies are only a problem for developed countries like Switzerland, or Germany, or Singapore, or the United States.”

A shift in the crypto space is certainly taking place as regulators are slowly realizing its potential and sharing their inhibited views on the same which gives the crypto community a hope of crypto favorable regulations in the near future.

What do you think of CFTC official’s views on cryptocurrencies? Share your thoughts with us!