The United States Congress: “Digital currency: the future of money”

15 Jul, 2018
by Will Heasman
The United States Congress: “Digital currency: the future of money”

US Lawmakers gather next week to discuss cryptocurrencies in a hearing entitled: "Digital Currency: The Future of Money”.

Cryptocurrency has made waves everywhere in the past year and capitol hill is not excluded. From reports to hearings, discussion of crypto has been inescapable for lawmakers; for the most part, it has been centered around the underlying technology of blockchain and its potential use within government, however, now it seems they’ve reached the core of the topic - cryptocurrencies as a form of money.

The Hearing will commence on July 18th (next Wednesday) at 2 pm EST and will be held by the Subcommittee on Monetary Policy and Trade. According to the memorandum, the hearing will consist of one panel comprised of the following witnesses:

·    Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara

·    Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation

·    Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution

·    Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute

The memorandum continues to elaborate upon the nature of the hearing:

“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.”

You couldn’t have it in plainer terms, just as the title implies the panel will be seriously evaluating cryptocurrencies as legal tender; whatever the outcome yields, this hearing will be a monumental step for cryptocurrency.

Keep tuned to Chepicap for more updates.

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