Lawmakers in the United States will gather the this week so as to discuss cryptocurrencies in a hearing known as ‘Digital Currency: The Future of Money.’ The truth is that virtual currencies have been expanding all over the world and have different proposals for this new financial system.
Are Digital Currencies the Future of Money?
During the last year cryptocurrencies expanded everywhere. Of course, now they are in a bear market, but the bull run experienced in 2017 allowed virtual currencies to reach an important number of people from all over the world.
Reports, hearings, discussions and events were very important this year, and regulatory agencies are not excluded from the discussions.
U.S. Lawmakers will be discussing on July the 18th the extent to which the US government should consider cryptocurrencies as money. During the hearing important figures and experts will expose their ideas and suggestions, including the following people:
- Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara
- Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation
- Eswar S. Prasad, Senior Fellow, The Brookings Institution
- Alex J. Pollock, Distinguished Senior Fellow, R Street Institute
The memorandum elaborates:
“This hearing will examine the extent to which the United States government should consider cryptocurrencies as money and the potential domestic and global uses for cryptocurrencies. The Subcommittee will evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash.”
The hearing will be very important due to the fact that it will be discussing the legality of virtual currencies and how they should be regulated. Regulatory agencies are trying to understand how to better incorporate virtual currencies to the traditional economy and how to avoid the problems related to them.
The Hearing will be held by the Subcommittee on Monetary Policy and Trade. The memorandum about ‘The Future of Money: Digital Currency,’ has been presented on July the 13th, just some days ago and weeks before the SEC’s decision on Bitcoin ETFs.