The following is an excerpt from Mr. Behnam's statements at the event “Fostering Open, Transparent, Competitive, And Financially Sound Markets” at United Nations Plaza, New York, NY on June 4, 2018.
"The debate on virtual assets is just beginning. None of us know where it will end. But it has forced us to rethink. We have learned that virtual assets respect no borders. Regulation is often behind the curve, unable to keep up with daily developments. At least the developments we know about. As a result, some countries have outlawed virtual currencies. Others have new, strict laws to control them. Many countries simply don’t know what to do. Their policy is bewilderment. Or avoidance. And, some countries think virtual currencies are only a problem for developed countries like Switzerland, or Germany, or Singapore, or the United States.
But 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.
We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle (emphasis added)."
Full Statement: https://www.cftc.gov/PressRoom/SpeechesTestimony/opabehnam7
I see no need to offer commentary on this. The message is clear and speaks for itself.
