Coin Center testifies before US Congress

The drive to gain more legal recognition for Bitcoin and other cryptocurrencies continues at a brisk pace with movements in various countries pushing their case in a bid to gain more widespread acceptance for digital currencies and their related technology advances. One such group working to this end is Coin Center, a group which recently appeared at the United States Congress to give an explanation of how Bitcoin works in front of the members of the Terrorism and Illicit Finance Subcommittee of the House Financial Services Committee.

What is Coin Center?

Coin Center describes itself as “the leading non-profit research and advocacy center focused on the public policy issues facing cryptocurrency and decentralized computing technologies” and outlines its goals as building “a better understanding of these technologies and to promote a regulatory climate that preserves the freedom to innovate using permissionless blockchain technologies.”

Coin Center hopes to achieve this by engaging in public debate with doubters of cryptocurrencies and blockchain technology as well as informing and educating those in the media and positions of influence about what this technology is and how it can best be used. Owing to their work on the matter, Coin Center’s executive director Jerry Brito appeared before the committee and gave his take on Bitcoin and blockchain technology.

Improving Bitcoin’s reputation

As the name of the committee suggests, Bitcoin and crpytocurrencies are currently viewed as something sinister in official circles and continued to be subconsciously linked to terrorism and money-laundering. In his testimony to the House Committee, Brito explained the history of Bitcoin and how it works differently from other online payment systems. Highlighting the advantages of a technology that does not rely on third parties for access, Brito stressed that the technology behind Bitcoin is similar to that used in the Internet and that this allows for a considerable amount of innovation. While acknowledging that there are people out there who can use Bitcoin and its related technology for bad, he advised that engaging with Bitcoin and other Fintech ideas is the way to go if the Federal Government wishes to regulate it. In the video below, you can see his testimony, which begins around 23:40.

Bitcoin continues search for regulation and legitimacy

Brito’s appearance at the chambers of the United States Congress is another example of the cryptocurrency enthusiasts who are standing up and engaging in discussion with the relevant authorities who hold the key to more mainstream acceptance of Bitcoin and Fintech.

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