US Congress’ nod to the cryptocurrency industry.
Published on 13 March 2018, the US Congress’ Annual Joint Economic Report, for the first time, has dedicated an entire section to cryptocurrencies and blockchain technology.
This report has all the analysis and recommendations for the coming year and has with it, an entire chapter dedicated to providing insight into the impact of cryptocurrencies and related blockchain technology on the US economy today. The report also marks the year 2017 “the year of cryptocurrencies”.
Virtual currencies have existed for years but speculation in them has recently ballooned, along with scams promising investors returns of over 1,000 percent in weeks; pointing out that widespread concern over Bitcoin drove it to second place as a global news topic in Google’s Year in Search 2017.
The Congress report further recommended that “The US government agencies should look to blockchain technology for ways to improve their work. Government agencies at all levels should consider and examine new uses for this technology that could make the government more efficient in performing its functions.”
The Economic Report also said: “Blockchain technology has the potential to help the economy function more efficiently and securely.”
The year 2018 Economic Report features a whole chapter focused on bitcoin, initial coin offerings (ICOs), and blockchain technology. Chapter nine is called, “Building a secure future, one blockchain at a time.” The congressional study takes note that last year cryptocurrencies had entered a mainstream awareness phase.
In conclusion, the comprehensive report tracks cryptocurrencies rise to prominence. The report states that blockchain technology can serve as a potential tool for fighting cybercrimes and protect both the nation’s economy and its infrastructure. It’s this area of application, the report notes, that should be a priority for lawmakers and regulators.
It adds that “regulators should continue to coordinate among each other to guarantee coherent policy frameworks, definitions, and jurisdiction,” concluding that government agencies “at all levels should consider and examine new uses for this technology.”
This report is just one of the many new signs that the U.S. government is taking the subject of blockchain and cryptocurrencies seriously. Which is nothing but good news for the crypto-world.
“These new innovations and markets presented America’s regulatory and legislative institutions with unique challenges as well as technology that could revolutionize the world’s digital landscape and economy.”
Also read this for related news: https://www.thestreet.com/story/14525551/1/bitcoin-today-can-prices-make-a-comeback-amid-continued-concern-.html
http://altcoinalerts.com/us-congress-nod-to-the-cryptocurrency-industry/