US Congress Thinks Crypto is the “Future”
Digital currencies such as bitcoin and ethereum have significantly impacted the financial market globally, including in the American capital. Debates on the currencies have been discussed far and wide, and lawmakers are no exception.
Primarily discussing blockchain tech and its many available uses, the government is considering possible ways to utilize the revolutionary technology. Now, the idea that crypto can be used as a variation of legal tender has become the center of conversation.
The official hearing is due to begin on Wednesday, the 18th of July, at about 2 pm local time. It is due to be hosted by the Monetary Policy and Trade committee.
The itinerary for the debate aims at conducting panels with specially-chosen witnesses such as professors from the University of California, the director of the Heritage Foundation, Dr. Norbert Michel, and Alex Pollock of the R Street Institute.
According the the hearing’s official statement, it aims to take a deeper look into how blockchain tech and cryptocurrencies can change the way the US government handles digital tender. It will debate the potential uses for crypto, and if it should be considered legal tender.
The committee will also examine how banks can regulate crypto, and how the digital currencies will affect fiat currencies. The hearing is due to be an iconic step towards regulating and debating cryptocurrency use in the real world.