United States Congressional Hearing on the Future of Payments and CryptocurrencySeptember 27, 2019
I began getting interested in cryptocurrency and blockchain technology in early 2017. Even though it wasn’t that long ago, there weren’t a lot of crypto news on the Internet. I rarely heard anyone talk about cryptocurrency on the television during the evening news. When it was discussed there was a negative connotation associated with it.
The other day, in the United States, there was a Congressional Hearing on the future of payments systems and cryptocurrency. I watched for two hours as important people in the US banking community were giving their opinions about what the future of our payments system would look like. They also discussed digital currency as a possible option in the years to come. I was surprised that this subject was being debated in Washington.
As you might imagine, some banker’s opinions towards cryptocurrency was not good. Several of them criticized cryptocurrency as an alternative to using US dollars to make daily transactions by stating, “digital assets are still in its infancy.” The banking system in the US is slow to change from the present payment system. It’s unfortunate.
During the two-hour discussion, there were two individuals who were “cautious” about using cryptocurrency as a form of payment but still encouraged the political leaders to look at cryptos as a future possibility. This was a very encouraging meeting in my opinion. Frankly, most of the people who were present at the Congressional Hearing had limited understanding of cryptocurrency and blockchain. However, many at the meeting voiced their displeasure with some facets of the current baking payment systems.
Mass adoption happens slowly. It might take another 10 years for the US banking system to embrace cryptocurrency and begin using it as a form of payment. No one really knows for sure but I’m encouraged to hear more progress being made by many countries across the globe towards cryptocurrency. Many governments are trying to at least have a discussion about cryptocurrency and blockchain.
I am very fortunate to be able to witness the beginning of a global awakening towards the usage of cryptocurrency as a payment method. Each year that goes by, we will be getting closer and closer to mass adoption. I’m having more and more conversations with people these days about cryptocurrency and blockchain technology. I’m excited about the future of cryptocurrency being used in a mainstream way to make payments all across the world.
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