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State officials say Pennsylvania should be planning ahead for the future of cryptocurrency

The House Democratic Policy Committee and a panel of experts held a hearing Monday to discuss why digital currency can benefit the Commonwealth

HARRISBURG, Pa. — For some time now, millions of people nationwide and globally have adopted a new way of dealing with money-cryptocurrency.

Though the digital incentive isn't necessarily new, it has been in mainstream conversation and now, democrat state officials here in the Commonwealth say we should see it in our future.

Democrat State Representative Napoleon Nelson of the 154th district of Montgomery County along with the House Democratic Policy Committee and panel of experts, hosted a seminar Monday morning to discuss ways to use the innovative technology of cryptocurrency and blockchain and benefit businesses locally.

One way to do this is the implementation of a sandbox.

Brian Knight, a senior research fellow at George Mason University describes a sandbox as "a regulatory environment for highly regulated industries, where certain rules or requirements can be relaxed temporarily, for the purposes of allowing experimentation and knowledge development."

In simpler terms, this is a way to build new products with relaxed regulations to develop new ideas. 

Knight says Pennsylvania has many qualities that would benefit from environments like a sandbox.

"Pennsylvania has a strong education system, it has a lot of innovative individuals and companies," he said," it has a fairly mature and robust financial services sector and it has close proximity to other major financial services sectors most notably new york city."

With advantages though, come disadvantages.

"A firm that is able to enter a sandbox, and therefore start offering its product more quickly even on a limited basis can start developing rapport with customers developing a reputation developing buzz, whereas the firms that are not in the sandbox and are not able to start offering their product early-cant," Knight said.

Looking ahead may be confusing for some and many may question what is the need for all of this?

Farooq Anjum is an associate professor at Harrisburg University and also the institution's leader of next-generation technologies.

Dr. Anjum focuses heavily on topics of cryptocurrency and says one must look at how innovation creates simplicity for all.

"If you have to send me some money to get the wire transfer, you might have to go and open a bank account and fund it," he said, "think about people in some developing countries and islands etc., they don't have easy access to a bank."

He adds the blockchain system associated with cryptocurrency allows a sense of trust.

"Blockchain is the technology that allows us to build trust in a system that consists of non-trustworthy companies."

The desire for knowledge of the digital advancements has served as bipartisan as Republican State Senator John Disanto hosted a seminar on "Bitcoin and Blockchain Technology Basics."

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