Cryptocurrencies are the ‘future of money’: The United States Congress

On 14th July, The us House of Representatives has gone up to now on say that digital currencies square measure the ‘future of money’.

This latest development comes within the wake of states love Republic of Korea, Malta, and Suisse adopting and implementing clear regulation for the $250 million cryptocurrency market. The us can begin official hearings on the subject of cryptocurrency on eighteenth July with the additional feature of a live stream being conducted for the overall public. The title of the all-important hearing is ‘The way forward for Money: Digital Currency’.

The exact list of the folks attending the hearing has not been free, however it’s expected to be presided over by legislators and cryptocurrency consultants. The hearing can check up on the safety considerations regarding cryptocurrency and kerb problems like concealing. The us Congress had free associate economic report in March of this year that highlighted the advantages of cryptocurrency and why exploitation it might be sensible for the economy.

As per the report, the authors noted:

“Cryptocurrencies and ICOs create headlines, and the pace of financial innovation in the blockchain space amazes skeptics. Yet, with all the headlines focusing on the financial applications, people may miss the digital revolution now happening with other blockchain applications.”

They continued:

“Even worse, people could be frightened about new developments with the technology as they associate blockchains with the negative headlines. Blockchain technology offers a decentralized, secure, and efficient way to store almost any form of data across multiple platforms.”

The report proceeded to state that critics of thought paper money can wholeheartedly welcome the adoption of cryptocurrency. It then aforementioned that the static issue of cryptocurrencies in addition to demanding security makes it associate appealing furthermore as a helpful product for the longer term.

Congress conjointly mentioned that cryptocurrency is seeing a surge among the general public find it irresistible is that the ‘new internet’. The body has also expressed that each one cryptocurrency transactions are monitored and secured. The House commission of the U.S. additional that cryptocurrency investments higher than $1000 can ought to be publically unconcealed as a result of transparency is needed.

The committee conjointly claims that the opinion among folks regarding cryptocurrency is dynamic , together with attitudes towards the regulation of tokens too. Moreover, the committee believes that this can produce associate surroundings for dialogue with organizations WHO wish to control within the cryptocurrency system.