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Cryptocurrencies and the need to support innovation

Fintech Task Force are no doubt watching cryptocurrencies and blockchain technology as solutions to problems posed by not financially included persons and a slow payments process. The task force which is a body in the US House of Representatives had lawmakers key in seeing that crypto was discussed in the house.

The house hearing which was called “Is Cash Still King? Reviewing the Rise of Mobile Payments” had people whom crypto had worked for come to testify regarding payment providers, consumer advocates and financial inclusion non-profits.

Some people who testified had and mentioned cryptos in the house were observed to have attracted many audiences as Fintech task force members are really trying to find out how cryptos and blockchain would solve financial inclusion and slow payment issues.

A ranking member of the Fintech taskforce, Rep. Tom Emmer who proposed cryptocurrency first to the house in his comments said that “Apple Pay, Zelle, Square Cash, and even Bitcoin are now household names.”

However, Rep. French Hill who had a contrast opinion to Emmer emphasized “blockchain-based rail” in the banking system and quizzed witnesses if an approved regulatory payment which is blockchain-based equally available to both banks and non-banks?

The executive director at the US faster payment council, Kim Ford replied explaining that the system will bring regulatory issues and he said he does not think it would be a restraint of technology being able to sustain the rail, it would ball down to whatever policy limitations are in place. She said further that blockchain is inconsistently regulated these days.

However, Rep. Hill showed confidence in an interview explaining that the blockchain payment system with regulations opens to banks and non-banks allows a substitute payment means and is the direction they are headed.

He was also bullish regarding the possibilities of a digital dollar that would facilitate a large spectrum of transactions. “The idea that we have a dollar mechanism that is a token for commercial or consumer transaction is appealing.”

However, the entire hose agreed that whatever the solution would be, US payment systems were falling behind. Many of them mentioned regulations as the sticking point other than technology. “American adoption of mobile payments continues to lag,” said Christina Tetrault of Consumer Reports. “Unfortunately, payments law is an irrational mess.”

The Fintech taskforce chair, Like Hill, believes that crypto would continue to remain an important part of their discussion. He said he thinks the answer is technology as some maybe little regulations but it would continue to be discussed.

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