U.S Senator Mike Rounds says misinformation about crypto’s leads to mistrust

US Senator Mike Rounds has leapt to the defence of cryptocurrencies saying:

“I think most members of the Senate, once they’ve had an opportunity to learn what cryptocurrency is all about, at that point they’ll ask questions. There’s a lack of information right now about what cryptocurrency is, and I think that’s what’s driving the mistrust.”

He went on the look at why some other countries are so far advanced compared to the US and commented:

“The rest of the world has figured that out. I don’t think you walk away from innovation because you don’t have a good regulatory process. We haven’t really updated this part of the law since 1933 “” it’s about time we do.”

He then cited Africa and he doesn’t want the US to be left behind as China pushes forward.

“Recently, the number of mobile money users in Africa has been growing by more than 30% annually. Other parts of the world are also dwarfing American innovation in payments technology. In the People’s Republic of China, more than 80% of consumers used mobile payments last year, compared to the 10% in the U.S.”

“Companies like Anchorage out of South Dakota have done their best to work with regulators, and they’ve found a way to participate in this new technology. I want to see that continue in the United States and not migrate to other parts of the world. I’d like to be part of that financial services deliver system in the future.”

“[If we] sit back and allow other countries to develop it, we’re going to have the financial process move out of the country and into those places where they’re actually doing a better job at regulating than we are.”

Well, there you have it one of the US senate members who questioned Mark Zuckerberg is actually in favour of cryptocurrencies. Maybe he can help educate the rest of the Senate on the advances in payment technologies.