Committee hearing focuses on digital currency

The House Democratic Policy Committee recently held a hearing to discuss positioning Pennsylvania as an innovator for a digital currency.

Multiple experts in cryptocurrency and blockchain testified.

“Technology advances quickly in this internet age – so quickly, in fact, that it’s often difficult to keep up,” state Rep. Napoleon Nelson (D-Montgomery), founder of the bipartisan House Emerging Technologies Caucus, said. “However, it’s crucial that, as a legislature, we recognize the fast-approaching economic opportunities and regulatory challenges of emerging technology. Blockchain technology can and will have enormous impact on industry, including cybersecurity, health care, payment systems, and so much more. I started the bipartisan Emerging Technologies Caucus to help our legislative body be as prepared and knowledgeable as possible since we will continue facing new challenges associated with new tech. The Policy Committee hearing is a critical introduction to what we’re doing and why.”

Nelson recently introduced H.R. 121, legislation creating a blockchain working group and legislation creating a tasked to create a master plan for the growth of the blockchain industry in Pennsylvania, and H.B. 1370, which would create a two-year financial technology program requiring the Department of Banking and Securities to work with the Department of State to waive specific laws and regulations that do not permit blockchain-based financial technologies to be offered to consumers.

The bills will be referred to the House Commerce Committee.