[2018-06-08] Virtual Currencies to Become “Part of the Economic Practices” of Al

[Terraformer]

United States Commodities Futures Trading Commission (CFTC) commissioner, Rostin Behnam recently gave a speech in which he predicted that “virtual currencies […] will become part of the economic practices of any country.” 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.

“Cryptocurrencies Will Proliferate to Every Economy and Every Part of the Planet” – CFTC Commissioner, Rostin Behnam

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.

Mr. Behnam 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.”

Continue reading >> https://news.bitcoin.com/virtual-currencies-become-part-economics-practices-nations-cftc-commissione/

[1715281559]

1715281559

[1715281559]

1715281559

[Krishniche]

His views are an eye opener for those who witness cryptocurrencies as some phishing scheme to and a gateway to illegal activities. Although the truth being that it can serve a large population which lacks access to banks.

[WaitingToGetPaid]

I agree that "virtual currencies may  become part of the economic practices of any country". To achieve this goal, it will be necessary not only to create national legislation on cryptocurrencies, but also to develop international principles of cryptocurrency turnover.

[hatshepsut93]

United States Commodities Futures Trading Commission (CFTC) commissioner, Rostin Behnam recently gave a speech in which he predicted that “virtual currencies […] will become part of the economic practices of any country.” 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.

Cryptocurrencies are already connecting the unbanked to global economy, or at least to crypto economy. While it's bad that they often help to boost social media presence of ICO scams by participating in bounty campaigns, at the same time they are earning money that help feeding their families. I hope that in the future people would be more focused on Bitcoin freelancing and wage jobs, since they are much more useful and sustainable than bounty campaigns.

But as for cryptocurrencies for fightning corruption, I don't believe in that, since it would require their adoption on the government level, and it's very unlikely to happen. And even then, there will be lots of loopholes left, so cryptocurrencies can solve this problem on their own.

[TianaStam]

There is no doubt that for some countries it really will, but to any...  What about such countries as Bangladesh who's regulation of crypto use is really rough from the most beginning? Do you guys think that they may change their position towards crypto one day?

[entrepmind23]

There is no doubt that for some countries it really will, but to any...  What about such countries as Bangladesh who's regulation of crypto use is really rough from the most beginning? Do you guys think that they may change their position towards crypto one day?

I believe so. If all other countries in the world are already welcoming cryptocurrencies with open arms then they may change their stance towards cryptocurrency. There are many countries that are still closing their doors toward crypto but the statement of CFTC is indeed an eye opener that cryptocurrency is already part of the economy and it is not going anywhere anytime soon. Many are already benefiting from cryptocurrency and although the legal implications about it is still questionable, some countries are taking positive stance about it which would be followed eventually by others in the future.

[kevoh]

There is no doubt that for some countries it really will, but to any...  What about such countries as Bangladesh who's regulation of crypto use is really rough from the most beginning? Do you guys think that they may change their position towards crypto one day?

Maybe in the future when crypto has achieved 100% massive adoption especially in developped countries then Bangladesh government might change their stance but for now it's quite unsafe to be a Bitcoin user as the Bangladeshi Police are literally hunting down crypto users.