US Lawmakers Ask: Is Crypto The Future Of Money?

The spotlight is on cryptocurrencies again as the US House of Representatives meets to tackle crypto next week.

Cryptocurrency news agencies learned on Thursday that the U.S. House of Representatives Financial Services Committee plans to host a hearing entitled “The Future of Money: Digital Currency” on July 18.

The House Committee has not yet released the full list of participating witnesses but has confirmed the event will be livestreamed on their website.

Congress And Crypto

While Congress has met several times about cryptocurrencies, the previous meetings looked at crypto through the lenses of terrorism financing and fraud. This time, however, the debate will be about cryptocurrencies and if they have the utility necessary to be considered money.

Congress and CryptoThe hearing couldn’t have come at a better time, in light of the increasing interest being displayed in cryptocurrencies. Many now look at cryptocurrencies as a useful tool that governments and central banks can use. Last June, The Bank of International Settlements said in a report that while central bank issued digital currencies are within the realm of possibility, they say that cryptocurrencies are not yet suited to become the basis of a monetary system.

Other countries have also weighed in on the subject, although responses have been mixed.

The upcoming Congressional hearing will be critical to the direction of crypto in the US and will be a thing to look out for.

Related Cryptocurrency News