Ban Buying and Selling Crypto says US Congressman

Congressman Brad Sherman has often stroked controversy time and again. Also, earlier as well he called cryptocurrencies a huge scam. Currently, in a hearing in front of the House of Representatives financial services committee, he advocated that Americans should be kept out of the cryptocurrency markets.

According to him, the buying and selling of cryptocurrencies should be entirely banned in the United States. Also, the cryptocurrency mining operations should be banned as well. Coincidently, the largest donor which he has got is a credit card processor by the name of Allied Wallet. He further went on to add that cryptocurrencies can be easily used for illegal activities. They can be used for tax evasion as well. Moreover, they can be used by the countries as well as individuals to bypass the sanctions which are enacted by the United States. As a result, the misuse of cryptocurrencies is actually pretty easy.

According to Michel who is the director of Centre for data analysis at Heritage Foundation, Bitcoin can be used for criminal activities does not mean that it is not good enough. Similarly, planes, as well as various another day to day stuff, can also be used for criminal activities. However, that does not mean that the entire industry should be criminalized.

No support for Central Bank Digital Currency

Ever since cryptocurrencies become popular, many investors are supporting the idea that the central banks will soon enough launch the cryptocurrencies. This committee was also hearing suggestions for the same. However, it is clear that the committee is not in favor of issuing the Central bank digital currencies. That is why the cryptocurrency investors will have to wait for a longer period of time.

Increasing Digital Payments

In the meantime, the number of digital payments which are being done these days are much higher as compared to earlier. This clearly indicates that more and more investors are thinking of using the cryptocurrencies in order to finish the digital payments as well. This is one of the main reasons why the usage of cryptocurrencies is increasing significantly as well.

With that being said, it remains to be seen whether the statement from this congressmen changes anything or whether this is just a one-off statement. Only the future will be able to tell whether this statement actually makes any difference or not. Up until now, it seems like just a controversial statement. Also, the impact of the statement on the committee will also decide whether it is useful or not.