July 24, 2024

Government of the United States to discuss the implications of cryptocurrencies

2 min read
Government of the United States to discuss the implications of cryptocurrencies
Government of the United States to discuss the implications of cryptocurrencies

An important meeting was planned in the United States (USA) to discuss the implications of energy use expended by cryptocurrencies. Formed in 1795, the American Committee on Energy and Trade is a traditional body affiliated with the US Congress.

Throughout its history, this group has been responsible for discussing issues related to trade, public health and market interests of the world’s major economies today.

In recent years, the formation of the Energy Subcommittee has begun to discuss the use of energy in business operations. That is, after the problem of leaving China in 2021, the group is monitoring the return of miners to the country.

Energy subcommittee of the US Congress to discuss the implications of cryptocurrency

In a brief history of just 13 years, Bitcoin has experienced moments of stress on many occasions. But one of the most recent moves to condemn this technology is based on its energy cost.

When it comes to minimizing digital currency, its critics have not compared the cost of technology to the traditional banking system, or the use of energy to deliver paper money around the world. Remember that Bitcoin It is a global currency that operates in a decentralized way and without the control of any country.

But this attack on the energy consumption of bitcoin was banned by China in 2021. In Iran, the mine is approved by the local government only during periods when the supply of energy to the population is uninterrupted.

While the bitcoin mining industry has attracted the attention of nations, it seems that the United States is now beginning to want to know the reality of this market. Scheduled for next Thursday (20), the Energy and Trade Committee’s oversight and inquiry subcommittee will hold a public hearing on the matter.

These so-called “cleaning up cryptocurrencies” want to know the energy impacts of blockchains, with the justification that they can cause environmental problems.

“The Energy and Trade Committee Subcommittee on Monitoring and Investigation will conduct a mixed inquiry on Thursday, January 20, 2022 at 10:30 am involving direct and long-distance visits. The investigation is titled “Clearing Cryptocurrency: The Energy Implications of Blockchains”.

It is not yet clear who will take part in this At the court hearing Public, but the American mining community is already struggling to keep the issue open.

Bitcoin Mining Board and Stock Exchange List

With the growth of US mining companies after the ban in China, the local sector arranged for the creation of a Mining Council, which in 2021 would be overseen by billionaires Michael Sailor and Elon Musk.

In addition, many of these companies are already listed on the US Stock Exchange. In other words, unlike companies operating in Asian countries, the ban will not happen in the United States as it did in China.

Nonetheless, a number of policies against cryptocurrency mining will be developed in the United States from this public hearing, a country already considered to impose stricter rules in this field.

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