Rostin Behnam , commodity and futures commissioner in the United States, gave a speech to the UN in New York on the great and global impact of cryptocurrencies.

FOCUS OF SPEECH

1. Cryptocurrencies are cross-border

“We have learned that virtual value systems know no boundaries. Regulation is often lagging behind and incapable of coping with current developments. As a result, some countries have banned cryptocurrencies. Others have new, strict laws to control them. Despite all this, one day cryptocurrencies will be part of every economy worldwide.

Let me repeat that: these currencies will not disappear and they will multiply into every economy and every part of the planet. Some places, small economies, may [one day] depend on the survival of virtual assets. And these currencies will be outside the traditional financial intermediaries, such as governments, banks, investors, ministries or international organizations. We are experiencing a technological revolution. Maybe we will experience a modern miracle.“

2. Cryptocurrencies can fight corruption and ensure fairness

“My agency deals with corruption in our markets on a daily basis — as soon as a new [financial] product becomes available to retail audiences, scammers find new ways to exploit those who are trying to invest their hard-earned funds.

There are 6.8 billion mobile phones in the world, almost one for every person on the planet … Here’s our chance to put money directly into the hands of those who need it most … It could mean a massive and equitable shift in wealth. Technology could be transformative, without a military takeover, a civil war or a political or religious creed.“

3. Cryptocurrencies will change poverty

“The so-called” Unbanked “(someone without a bank account) can participate thanks to crypto currencies on the virtual grid. All those without computers, around 4 billion people, can connect to this industry with their cell phones. We are now talking about micro-bonds, micro-transactions, improved transparency and increased financial inclusion. The old limitations and parameters could be revolutionized with the awakening of new technology.“

4. The global elite will try to stop cryptocurrencies

“… technology can be a weapon against the work of the United Nations and others who seek to alleviate poverty or violence. Virtual assets become a means for deeper control of wealth and a means of exploitation. However, events happen so fast that there is no time for reflection or miracles. We’re just trying to understand what was unimaginable at the time of Dag Hammarskjöld (UN Secretary General until 1960).“