Cryptocurrency is one step closer to being integrated in the US

A Bitcoin logo is shown at an ATM in Hong Kong, Thursday, Dec. 21, 2017. (AP Photo/Kin Cheung)

“It strikes me the idea that paper printed by governments will be the unit of international trade 50 years from now just seems silly to me.” – Joe Getty, KGO810 Host

The world of cryptocurrency trading has been a bit… tumultuous… to say the least in 2018. Crypto-fortunes rise and fall each day, but the industry as a whole is chugging ahead in spite of its volatile record on Wall Street, due in large part to the value of the technology behind Bitcoin and the likes, blockchain.

Several high-profile cryptocurrency companies are joining forces to kickstart the first lobbying operation of its kind in Washington, D.C., The Blockchain Association, according to Washington Post Technology Reporter Brian Fung. Fung told Jack Armstrong & Joe Getty the trade association will be focused on communicating with federal regulators and lawmakers about policy issues, such as how cryptocurrencies should be treated under U.S. tax law and be regulated.

Although the formation of the group moves cryptocurrency one step closer to being integrated into the U.S., it doesn’t mean paper money is necessarily on its way out of the country.

“I think what a lot of experts are saying is that you’ll start to see traditional forms of money coexist with this new digital currency system,” Fung said. “The whole idea behind it is to essentially address the main complaints about the current economic system.”

According to Fung, cryptocurrency can reduce the time it takes to transfer money, eliminate the back-end costs of such transfers while making them simultaneously more secure and decentralize dependence on government, banks and other large institutions.

Listen to his full discussion with Armstrong & Getty below to hear him speak more extensively on the news and his full explanation of how digital currency functions and its potential applications (perfect for newbies!)!

 

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