Executives of eight major cryptocurrency firms have been called to testify before a US congressional committee on 8 December.

It will be the first time companies representing the controversial sector have been questioned in this way. U.S. politicians across the political spectrum have called for more research into cryptocurrencies.

Elizabeth Warren on the left of the Democratic Party has called for tougher regulation of the sector and Donald Trump has described cryptocurrencies as a scam.

Mr Brooks of Bitfury previously served as a top banking regulator under the Trump administration and had a role in policy-making around cryptocurrencies.

A cryptocurrency is not a currency in the traditional sense, although sometimes it can be used to make payments. It is stored online in a “digital wallet” and acts more like an investment vehicle or security, often with high levels of volatility.

The anonymity of paying using crypto-currencies means they have been favoured for criminal activities such as drug dealing and ransomware attacks. However their supporters say the view that they are predominantly for circumventing the law is outdated and that innovation in this area offers huge potential.

Countries around the world have taken a radically different approach to cryptocurrencies.

Credit to: https://bbc.in/3331xQb

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