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- A recently held US hearing made on January 30th mainly focused on mobile payments, virtual currencies, and Blockchain
- Many representatives and individuals agreed commonly to the integration of Blockchain technology and cryptocurrency for payment processing on a daily basis.
- Tom Emmer also supported this move and also stated to draft a new bill to regulate the usage of cryptocurrency and implementation of Blockchain technology.
A recently held US hearing made on January 30th mainly focused on mobile payments, virtual currencies, and Blockchain were discussed to foresee its impact on the economy. The tile of the hearing was, “Is Cash Still a King?” was the centre of the topic.
Many representatives of domestic and international companies had attended the conference; it included representatives of councils and companies, advocate groups, financial and promotional groups discussing the future of payment method over the traditionally practised ones.
Representatives Supporting Cryptocurrency
Many of the representatives and individuals agreed commonly to the integration of Blockchain technology and cryptocurrency for payment processing on a daily basis. One of the members of a Financial Technology group Tom Emmer also supported this move and also stated to draft a new bill to regulate the usage of cryptocurrency and implementation of Blockchain technology.
The main topic of this hearing was to implement a safer and effective method to do transaction than replace the traditional currency notes to digital coins upon which mobile payments was the solution to the above implementation.
The Conclusion
With the United States being in the setbacks of not able to make mobile payments and larger time requirements to make a transaction has raised this subject. There are strict rules enclosed in traditional banking in the States. The hearing discussed the implementation of efficient technologies in Europe and China. The digitalized and regulated mode of payments in China integrated with Alibaba group has paved a new path for smooth transactions.
The final point of discussion was based on the entirely new and efficient technology, Blockchain, which can be introduced in the banking and non-banking sectors to ease out the transaction process.
The use of cryptocurrency is an opportunity to build personal finance and the future, along with the ability to manage their assets. The top private companies have already started to realize the power of Blockchain and secure cryptocurrency and digital assets. The proceeding ended with saying that it is high time to adapt to the emerging technologies for smooth and efficient advancements.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
