Encourage cryptocurrencies, they are here to stay: says US senator Mike Rounds – Cryptocurrency News

The US senator Mike Rounds has published a letter in defense of cryptocurrencies. He chooses to stand in support of Libra, following Zuckerberg's testimony before the regulators on October 23. Rounds believe that lack of knowledge about the virtual coins is one of the primary reasons for the negative perception. The senator cites that the United States is falling behind in the crypto space.

Mike Rounds, the Republican Senator, has extended his support for cryptocurrencies following the Libra Hearing held on October 23. The Congressman featured on CNBC on Thursday and discussed his stance on the digital coins and facebook’s crypto project.

Rounds stated that cryptocurrencies evolution must be encouraged as the digital technology is here to stay. He also said that these coins possess the tendency to assist consumers with more and cheaper banking options. The Senator emphasized a “lack of information” regarding the crypto-assets that contributes to the pessimist outlook and mistrust by the regulators. He said, “I don’t think you walk away from innovation because you don’t have a good regulatory process.”

Earlier, Rounds wrote a letter addressed to the Anchorage Trust Company for staying in Libra’s support and not backing out of the Association.

“I write regarding concerns recently expressed by a number of my colleagues about involvement in the Libra Association. It is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run.”

He also remarked that the United Nations is lagging in terms of adopting technology, ” Regardless of how these technologies are viewed, it is clear that the United States is falling behind in this space.”

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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