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.