US Congress Schedules a Hearing on Digital Currencies
The United States Congress has scheduled a new hearing on digital currencies. The hearing will look into local and global approaches to digital currencies. It will take place on March 24, 2020.
The hearing will be hosted by the House Committee on the Financial Services Subcommittee on National Security, International Development, and Monetary Policy. Similar hearings have taken place in previous times regarding Facebook’s stablecoin project and digital currencies generally.
Mark Zuckerberg appeared before the Congress some time ago, testifying and defending Facebook’s stablecoin project. The Congress is yet to release comprehensive information about the hearing, as well as witnesses and aspects of a potential inquiry.
Part of the topics to be discussed during the hearing could be Facebook’s stablecoin Libra which is planned for release this year. Rep. Emanuel is to chair the subcommittee.
According to the United States Treasury Secretary, Steven Mnuchin, FinCEN is ready to release new requirements for the crypto market in the U.S. Cryptocurrency regulations worldwide are becoming stricter by the day as nations keep adopting FATF guidelines.
Mnuchin noted the financial agency’s resolution to ensure the technology advances but without compromising security. Cryptocurrencies should not be utilized as the equivalent of old Swiss secret number bank accounts, he said.
Featured image courtesy of Shutterstock. Source: Cryptopress.