HARRISBURG, Pa. — Cryptocurrency will mostly be the focus of the July 19 House Democratic Committee hearing.
Cryptocurrency has become a mainstream topic and that's why officials in Harrisburg are taking it upon themselves to include it in their hearings at the Capitol; they are expected to talk with industry experts as they prepare for Pennsylvania's digital future.
Discussions surrounding cryptocurrency have been quite the buzz, especially gaining popularity through social media. Cryptocurrency isn't anything new, but it's becoming more widespread, especially over the last year. But for some, there's still some confusion over what cryptocurrency actually is.
"Cryptocurrency is basically a mathematical abstraction," James Ledbetter, editor and publisher of FIN, one of the top financial technology newsletters today, said. "It is a series of formula that can be mathematically solved, and therefor mind as a currency, and it functions as in the way any other currency does as it can be used to settle transactions," .
Breaking it down into simpler terms, cryptocurrency is a way to pay for things. It uses a technology called blockchain, which officials are also expected to go over at their meeting on Monday.
Blockchain is used in computers across the country, it can also somehow manages and records transactions.
Ledbetter refers to it as "the heart of transactions using currencies." He said over the past year cryptocurrencies have become more popular with younger generations.
He said most of the younger generations have the "get rich quick" mentality to either pay off student debt, or for those who have jobs with lower salaries.
According to a release from the House Democratic Committee, officials say they are eager for the hearing, and that they are ready to adapt to using new and innovative technologies.
Monday's hearing is at 10 a.m. at the Capitol. You can watch it here.