A number of hearings in the Pennsylvania state legislature to look into virtual currencies such as Bitcoin and their feasibility to be included in the “money transmitters” section of state law, has been cancelled due to budgetary issues, state representative Adam Harris revealed.
Republican and state representative Adam Harris has provided interesting insight into a section of Pennsylvania state law under “money transmitters.”
In a series of “goals” (a public reveal of important matters of state and the society) posted on local publication Herald-Mail Media, Harris spoke about virtual currencies such as Bitcoin and a plausible update to the “money transmitters” section of the state law in relation to the cryptocurrency.
One interesting issue that the Commerce Committee has been working on is an update to the “money transmitters” section of state law as it relates to virtual currency such as bitcoin.
He added: “It has been a fascinating and complex issue to study, but unfortunately with the budget impasse, we have had to cancel hearings we were planning to have on this issue.”
The budget impasse being referred to is a disagreement between Governor Tom Wolf, a Democrat and the Republican-controlled Legislature.
PA state representative and Republican Harris also revealed the reasons behind the proposed hearings in order to better understand the cryptocurrency and its underlying technology, the blockchain.
The biggest question to me is whether this is simply a passing fad or a legitimate currency that will radically alter the way we do banking and make payments in the future.
Rep Adam Harris’ office could not be immediately reached for a comment at the time of publishing.
Featured image of PA State Capital Building from Shutterstock.