There are many different opinions on the future of cryptocurrency. To most, digital assets serve as an investment vehicle while others see them as a rival to cash and other forms of money. Surprisingly, the US Congress seems to be in the latter camp. A hearing dedicated to cryptocurrencies will take place in the coming week.
US Congress Debates Cryptocurrencies
Lawmakers across the United States have made it clear that they are keeping close tabs on Bitcoin and other cryptocurrencies. Introducing any official regulation may still take some time, yet an active dialogue has been initiated.
Members of US Congress will attend a special hearing next week which will focus on the role of virtual currencies. While attaching the label of ‘money’ to Bitcoin may not happen overnight, the topic needs to be discussed regardless.
The hearing itself has been titled “Digital Currency: The Future of Money” but that doesn’t automatically mean that the US Congress will legitimize Bitcoin as a payment method and make it legal tender.
What to Expect From the Meeting?
Many experts believe that these discussions will determine how the US government will view Bitcoin and cryptocurrencies in the coming years. With the government actively getting involved in these talks, it will be interesting to see what the future now holds. No official decisions are expected to be made at this time, although it may pave the way for future cryptocurrency regulation in the United States.
Should cryptocurrency be labeled as money in the United States, a lot of things will change moving forward. More specifically, it is believed regulators will maintain a positive stance toward Bitcoin and other cryptocurrencies. Should that be the case, the US Congress officials will need to determine if there are global and domestic use cases for this new form of money. The involvement of central banks in virtual currencies will be debated as well.
It is good to see the US Congress get involved in cryptocurrencies in one way or another. If their intent was to ban such activity altogether, it would have happened already by now. Instead, this appears to be another step toward legitimizing virtual currencies across the United States, which can only be considered to be a good thing at this stage.
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