US Congress to Discuss the Future of Digital Currencies
The subject of digital currencies is certainly a matter of concern to many people, despite its contentiousness. So serious is this topic that the US Congress has severally discussed it during its sessions. Next week, the House of Representatives will further deliberate on digital currencies, the Financial Services Committee confirmed. Precisely, the legislators will evaluate the future of cryptocurrencies.
However, the committee is yet to publicize the list of members who will contribute to the motion. As mentioned earlier, the committee has discussed cryptocurrencies on multiple occasions. However, this will be the first time the Congress will debate on future of digital coins, having previously talked about fraud and financing of illicit activities using cryptocurrencies.
The timing of this decision is impeccable, given that there is an ongoing interest in the possibility of integrating cryptocurrencies into the conventional monetary system. Earlier this years, the Bank of International Settlements, which is widely regarded as the ultimate central bank, claimed that digital currencies supported by central banks can facilitate seamless operation of banking institutions during periods of financial crisis. Besides the US, other countries that are considering this option include Finland, Canada and South Korea.