American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.
According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.
We should prohibit U.S. persons from buying or mining cryptocurrencies.
At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.
Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.
Director of the Data Analysis Center, Heritage Foundation
As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.