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

On 14th July, The United States House of Representatives has gone so far as to say that digital currencies are the ‘future of money’.

This latest development comes in the wake of countries such as South Korea, Malta, and Switzerland adopting and implementing clear regulation for the $250 million cryptocurrency market. The United States will begin official hearings on the topic of cryptocurrency on 18th July with the added feature of a live stream being conducted for the general public. The title of the all-important hearing is ‘The Future of Money: Digital Currency’.

The exact list of the people attending the hearing has not been released, but it is expected to be presided over by legislators and cryptocurrency experts. The hearing will look into the security concerns related to cryptocurrency and curbing issues like money laundering. The United States Congress had released an economic report in March of this year that highlighted the benefits of cryptocurrency and why using it would be good 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 mainstream fiat money will wholeheartedly welcome the adoption of cryptocurrency. It then said that the unchangeable factor of cryptocurrencies coupled with stringent security makes it an appealing as well as a useful product for the future.

Congress also mentioned that cryptocurrency is seeing a surge among the public like it is the ‘new internet’. The body has also stated that all cryptocurrency transactions will be monitored and secured. The House Ethics Committee of the U.S. added that cryptocurrency investments above $1000 will have to be publicly revealed because transparency is required.

The committee also claims that the opinion among people about cryptocurrency is changing, including attitudes towards the regulation of tokens too. Moreover, the committee believes that this will create an environment for dialogue with organizations who want to operate in the cryptocurrency ecosystem.