As the world (including the US) keeps struggling on finding the right ways to regulate bitcoin and its brethren, the commissioner of the Commodities Futures Trading Commission in America Rostin Behnam has recently said that digital money will be one of the economic practices in the world.
Behnam also forecasted that cryptos will change the way people, who do not have access to banking systems, will be provided financial services. He believes that cyber currencies will be able to disrupt corruption with the help of the growing transparency.
Any Country to Get Cryptos
On June 4, Rostin Behnam took the floor at the BFI Summit inNew York, where he spoke about his beliefs regarding cyber money. In particular, the CFTC Commissioner noted:
“[…] virtual currencies may – will – become part of the economic practices of any country, anywhere."
Then he went on to repeat the idea by saying that cryptos are not going to disappear. On the contrary, they are going to spread all over the world reaching each and every economy, especially, to places where the advent of crypto-assets is expected to let people survive as people in small economies might become dependent on them.
Lastly, he pointed out that virtual money will be not controlled by any typical monetary institutions, including gov’ts, banks, international organization or investors.
Tech Revolt Which Will Fight Corruption and Save Poor People
According to Behnam’s words, bitcoin and its ilks will also break down financial corruption. At the same time, he cautioned that there are risks that digital assets may become the problem for the world as well, in case they help high financial classes to accumulate more funds.
The public figure assumed that corruption might be the only significant obstacle to reaching social justice, withstand hunger, inequality and peaceful resolution of conflicts. The CFTC Commissioner emphasized that cyber money technologies can find a solution to this issue.
The public figure believes that corruption can be fought with the popular cell phones and other technologies, whereas cryptos could alter “the economic and social landscape.” Talking about this, Behnam turned to the issue of shift of wealth, that cryptos can provide.
Nevertheless, he said, wealthy people know about this all, that’s why digital money can become a weapon in their hands. In his words, should the elites control the technology, they will gather more capital than their fellow citizens, who are poorer. Elites will merely collect their savings in cryptos instead of known stable public currencies.
Finally, Behnam raised the issue of unbanked people – individuals, who due to their low financial possibilities are excluded from the banking world and who do not have even a bank account or a credit card as they cannot afford covering fees and as their income doesn't allow them to be clients of banks. Cryptos can let such people have access to other types of money apart from paper fiat.