Commodity Futures Trading Commission (CFTC) Commissioner, Rostin Behnam, believes that the cryptocurrency market is here to stay and that it would be a part of the day-to-day national economy. This would happen one day if not immediately. He also termed the digital currency as a “technical revolution” that could reshape the digital transaction in the world. His comments assumed significance as the Securities and Exchange Commission (SEC) had termed the virtual currency as securities. The market is also witnessing significant changes in most of the prices.
The CFTC Commissioner was speaking in the BFI Summit at the United Nations where he discussed the challenges faced by it. That was because the agency was involved in regulating the industries that are linked with the promising blockchain technology. He did not want to denigrate the technology just as a tool for criminals.
On the other hand, he showered praises for its capacity to transform the financial sector favorably. He thinks that cryptocurrency could well become a part of the economic practices anywhere in the world. He believes that the virtual currency could reproduce every part of the planet.
The CFTC Commissioner termed the current technology revolution as a modern mirage. Aside from that, Behnam thinks that the privately-issued and decentralized digital currencies would replace the physical form of fiat currencies in several parts of the globe. This excluded central bank-supported virtual currencies.
He believes that the virtual currency could get attracted from small economies for their survival. Such currencies would be outside the conventional monetary intermediaries such as international organizations, or banks, or government, or ministries or investors. The International Monetary Fund (IMF) too expressed the opinion that the digital coin would stay and that innovation should be encouraged.
However, the CFTC Commissioner expressed his cautious optimism about an equitable wealth movement to the billions of people who were ignored by the powers from corrupt gatekeepers. “There are 6.8 billion cell phones in the world, almost one for every person on the planet. 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.”
He thinks that technology could witness transformational changes without any need for military take-over or political or religious creed or civil war.
Benham has also issued a warning that the transformation could turn dystopian if powerful economies are allowed to have distribution means of control of the cryptocurrency. That would only result in corrupt actors trying to make use of the technology for their own gain whereas those suffering from violence and poverty would see their wealth draining. This could only lead to a bleak future for them. His underlying statement is very clear, i.e., encourage the innovation and the new age digital currency. Though there could be issues, such thing could be sorted out as the industry is in its nascent stage only. The market was gaining significant transaction only most recently after stupendous returns last year.