Cryptocurrencies will once again take center stage on Capitol Hill this week.
The US House of Representatives Financial Services Committee announced that it is hosting a hearing titled “The Future of Money: Digital Currency” on this Wednesday, July 18.
The committee has not yet announced a full list of witnesses at the time of writing, but they have confirmed that the hearing will be streamed live on their site.
Although past hearings have been mostly negative, discussing cryptocurrency and its underlying blockchain technology through the lenses of financing terrorism and fraudulent investments, the topic of this week’s hearing is more geared towards the utility of cryptocurrency as a form of money.
This comes as a part of a wave of increasing institutional interest, as there are countries like
Canada, Finland, and South Korea weighing in on the matter. More importantly however, are the central banks. The Bank of International Settlements is rightly afraid of cryptocurrencies backed by central banks, as it would enable their users to withdraw their funds rapidly, and accelerate bank runs if the customers have concerns over the bank’s solvency.
In other words, central banks are concerned that the individual would have too much control over their own finances.
Watch the live stream of the hearing here.