In another case of the crypto sector receiving formal validity from a national governing body, the US House of Representatives has just described digital currencies as “the future of money”.

This comes right before a key hearing that is scheduled to take place on the 18th of this month. The hearing will be live-streamed and has been titled “The Future of Money: Digital Currency.”

While a detailed list of the attendees has not been released publicly, the proceedings will most likely focus on various areas of interest including privacy coins and money laundering.

More on the matter

In recent months, it appears as though the US Congress is warming up towards the crypto sector, primarily due to the fact that they released a joint economic report in March which praised crypto enabled technologies extensively.

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. 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.”

Final take

In addition to all of the aforementioned developments, it is also worth noting that in the United States, Members of the House are now required to clearly disclose their cryptocurrency investments publicly. This demonstrates the growing clout of digital currencies and how even politicians are beginning to treat this tech-space with the much needed respect it deserves.

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