Us regulators admit that bitcoin and other cryptocurrencies “will be part of economic practice in any country”. This is evidenced by the recent remarks of the Commissioner of the American Commission on urgent exchange trade (CFTC) Rostina Benama, reports Вitcoinist.
On 4 June, the CFTC Commissioner, spoke at the BFI summit in new York with a speech entitled “Promoting open, transparent, competitive and financially sound markets”.
Benham, stated the position of the Agency in relation to growing space of bitcoin and cryptocurrencies, recognizing that regulators around the world are scratching their heads over how to prevent fraud and manipulation, which, unfortunately, are quite frequent in the industry.
“The debate on virtual assets are just beginning. None of us knows where it will end. But it made us think. We learned that virtual assets have no boundaries. Regulation often lags behind the development of the industry. It is unable to keep up with daily events,” — said the expert.
Given the apolitical, cross-border and decentralized properties of cryptocurrencies, such as bitcoin, the Commissioner acknowledged that “the tiger escaped from its cage” and the technology will only grow.
“Digital currency can (will be) part of the economic practice of any country, anywhere. I will repeat again. These currencies are not going anywhere, they will be distributed to all economies in all parts of the world. The survival of some people, small countries may be dependent on virtual assets. These currencies are out of the traditional monetary intermediaries, such as government, banks, investors, ministries or international organizations. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle,” said Benham.
The Commissioner supported the statements made by CFTC Chairman Christopher Giancarlo, who in February called on the US government to a balanced regulation of the industry of digital currencies, which should not harm future innovation. Moreover, Benham believes that cryptocurrencies can be a powerful tool for poverty reduction and corruption with the technology of open access and the distributed registry.
At the same time, according to the official, the cryptocurrency could “pose a danger”, if you fall in the hands of a “kleptocracy”.
“Then kleptocracy just accumulate wealth at the expense of its citizens, depleting crypto-currencies, not in dollars or euros,” warns Behnam.
We will remind, in may, the CFTC has published guidance for exchanges and clearing houses planning to start work in derivative financial instruments on the basis of cryptocurrency.