Sunday, June 10, 2018

CFTC Commissioner believes that cryptocurrencies will one day proliferate every nation's monetary and financial systems

In a rather interesting comment made during a speech at the UN Plaza last week, the Commissioner of the Commodity Futures Trading Commission (CFTC) praised the power of cryptocurrencies and stated that they will one day proliferate the monetary and financial systems of all nations.

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. 
Additionally, he noted that he believes that cryptocurrencies will become an essential part of smaller economies, with these economies becoming “dependent on virtual assets for survival.” – News BTC
However Commissioner Behnam did not specify whether these cryptocurrencies would be decentralized ones, or sovereign controlled like the Petro which has taken root in the country of Venezuela since the beginning of the year.

With central banks and nearly all financial institutions rushing forth to herald the birth of blockchain technologies, it is only natural that both bankers and politicians would salivate over the idea of a completely digital monetary system.  But with the current rise of populism spreading out over most of the Western world, the battle for centralized control over money is still a conflict yet to be resolved.


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