Senate will discuss potentials and threats of digital currency

The US Senate Committee on Homeland Security and Governmental Affairs has considered making a hearing into digital currencies.

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Senate will discuss potentials and threats of digital currency

‘Beyond Silk Road: potential risks, threats, and promises of virtual currencies’ is the title of the forthcoming special hearing. Senators will debate approaches of new cryptocurrency and modern technologies. According to the plan of hearing, senators are going to listen to the economists, IT specialists and experts of encryption. Both experts from US law enforcement agencies and people representing bitcoin interests, including members of the Bitcoin Foundation, will be able to testify on hearing.

It seems than the main reason for the Senate hearings was the closure of the Silk Road website in October. Meanwhile, the US authorities are aware about increasing distribution of bitcoin on the Internet and its growing attraction for society. The forthcoming meeting in the US Senate could be a starting point for making important policy decisions about the future of bitcoin.

On the 8th November US Senator Tom Carper, chairman of the committee, issued a statement that “It continues to be my hope that departments and agencies are working together, in a collaborative fashion, to define and consistently treat Bitcoin and other virtual currencies. I expect this decision and other recent developments will be discussed at our Committee’s upcoming hearing, as we dig into what a whole-government approach to this new and unique technology may look like.”

The US Congress will soon address a problem of the dangers that digital currency may bring for the economy of United States. Moreover, the US Senate Committee on Banking, Housing and Urban Affairs made an announcement that they also are ready to hold another hearing about cryptocurrency. The exact date of the hearing is not known to the public yet.

Over the past few years, the Bitcoin market has amazingly developed. Since 2010, when 1 BTC was exchanged for $ 0.3 for the first time, bitcoin prices have been growing day by day and hit many the records. In the beginning of November value of one bitcoin unit reached $360 and continues its way up. However, experts warn that the rising cost of Bitcoin advance is limited by the system.

What decisions will be taken during following meetings and hearings are hard to predict. But recent publications from US authorities today show more positive signs that were even a month ago.

Image source: Flickr



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