MONTGOMERY, Ala. (WIAT) -- The Alabama Blockchain Study Commission held a meeting in Montgomery Thursday. One expert told CBS 42 that blockchain is the underlying technology that makes cryptocurrency, like Bitcoin, work.
With this new tech on the rise, state leaders say they want to get ahead.
"If you think about it, the internet right as Google was coming about in the mid to late 90's... we knew something was happening," said Wade Preston with the Alabama Blockchain Alliance. "But we didn't know how it was going to change the world that we live in."
Preston said crypto is the future. He said this new form of currency isn't regulated by any banks like our money is right now.
"If it's yours, you have it. And you are the only one that has access to it," said Preston. "And you don't need permission from another person to be able to transact. And I think the freedom to transact is a key freedom."
Sen. Greg Albritton (R-Atmore) said he has concerns about how crypto will affect the way we make and receive payments. That's because it isn't tangible, like the U.S. dollar.
"Now this technology is moving so far beyond. We've got to get a handle on it in our heads, and our minds," said Albritton. "And we've got to be able to stretch and move with it."
Amanda Senn with the Alabama Securities Commission explained crypto is a digital currency with fair market value.
"They're pulling it out and cashing it out in U.S. dollars. So the value is whatever someone is willing to pay for it at the time," she said.
Senn noted that cybersecurity it also a concern.
"There's a framework in place and there are measures and protections behind the U.S. dollar that don't exist right now with cryptocurrency."
Sen. Bobby Singleton (D-Greensboro) said they should continue learning more moving forward, regardless of what the next administration does policy-wise on the crypto industry.
"Be prepared to set up those guardrails for consumer protections. And be open minded to the industry as it develops," said Singleton. "But yet, still making sure we're protecting our citizens in the state."
The commission said they do want to see what the Trump administration will do when it comes to policies on the crypto industry. They hope to learn more from entrepreneurs who use blockchain at their next meeting.