Remember the date: July 14th 2018, The United States House of Representatives has stated that digital money could be “the future of cash” This could be the United States Congress statement that could change the crypto world forever. But is digital cash the future of money?
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The United States Congress Statement, The Future of Money!
This recent statement from the United States Congress has been titled “The Future of Money: Digital Currency”. Announcing that the United States will begin official hearings on the 18th July, 2018 surrounding the introduction of digital money and the future surfing both cryptocurrencies and digital cash.
“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.”
While the exact list of attendees for the hearting has not yet been decided, it is assumed that the board will consist of regulators, legislators and cryptocurrency experts. The hearing is going to explore a number of factors and security concerns with cryptocurrencies, including;
- Security concerns
- Money laundering issues
- Black markets
- Solutions to any of the above issues.
This move is a follow up from an economic report released by the United States Congress back in March which highlighted the benefits of cryptocurrency and how it could be beneficial for the economy. This move is one of many recent positive attempts by the US to push forward cryptocurrencies and making them more secure and open for the general population.
“Cryptographic forms of money and ICOs make features, and the pace of budgetary development in the blockchain space stuns doubters. However, with every one of the features concentrating on the money related applications, individuals may miss the advanced upheaval presently occurring with other blockchain applications.”
The initial report highlights issues with fiat money and how new technologies such as cryptocurrencies can actually bring about more secure financial system for their citizens. It is no secret that most countries are now actively looking into the adoption of digital cash, and while it is still unclear whether they will look to adopt existing cryptocurrencies or create their own digital currencies it is certainly a positive step towards mass adoption.
“Surprisingly more dreadful, individuals could be startled about new advancements with the innovation as they connect blockchains with the negative features. Blockchain innovation offers a decentralized, secure, and proficient approach to store any type of information over different stages.”
The United States Congress specified that cryptographic money is seeing a surge in overall popularity amongst the general population. Whilst also announcing that ALL Digital currency exchanges will be monitored and and any cryptocurrency investments above $1,000 must be revealed in an attempt to bring about transparency to the markets.
This is certainly a huge step forward, don’t forget to join our official Telegram channel for daily updates and to track the progress of our $10,000 cryptocurrency portfolio.