United States Commodities Futures Trading Commission (CFTC) commissioner, Rostin Behnam gave a speech where he predicted that cryptocurrencies would soon be a part of the economic practices of countries.
Benham also predicts that the rise of cryptocurrencies will have a transformative effect, providing financial services to populations without access to banks and undermining corruption through increased financial transparency.
Speaking at the recently concluded BFI Summit at the United Nations Plaza in New York, Benham expressed his view that virtual currencies will become integrated into most nations’ economic practices.
Benham stated that:
“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. 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. We are Witnessing a Technological Revolution. Perhaps We are Witnessing a Modern Miracle”
Benham also predicts that cryptocurrencies will undermine financial corruption. He does warn, however, that economic elites will try to control the technology of crypto and turn it into a means of exploitation.
The CFTC commissioner sees the potential that crypto has to serve the vast sector of the population that lacks access to basic financial services and help them attain economic autonomy.
Benham concluded with:
“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.”
“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.”