Blockchain And Cryptocurrencies Highlighted In 2018 Congressional Economic Report

Earlier this week, the US Congress’ Joint Economic Committee launched its annual financial report. The report notes evolving digital financial transformation, together with a complete chapter on blockchain expertise and cryptocurrency.

Notably, the committee noticed that, whereas 2017 was “the year of cryptocurrencies,” there are maybe extra vital use instances for blockchain expertise “as a potential tool for securing America’s digital infrastructure.”

Created by the Employment Act of 1946 on the shut of World War II, the Joint Economic Committee is primarily tasked with reviewing financial situations and recommending coverage enhancements, and its chairmanship alternates between the House and Senate each Congress.

“The buzz surrounding digital currencies resembles the internet excitement in the late 1990s when people recognized technology companies could change the world,” the report states. “Many internet companies launched and their valuations took off in short order. Many failed, but a few succeeded spectacularly and challenged the conventional ways of doing business.”

These feedback from Congress parallel these from business specialists who've in contrast the evolution of the cryptospace to the nascent levels of web improvement.

After discussing what cryptocurrencies and blockchain expertise are, chapter 9 of the report continues to discover the theme of “building a secure future, one blockchain at a time,” discussing ICOs, blockchain improvements, rising pains and misuses, regulatory questions, taxation, and cash transmission. The chapter concluded with the next suggestions:

• “Policymakers and the general public ought to turn out to be extra aware of digital currencies and different makes use of of blockchain 225 expertise, which have a variety of purposes sooner or later.
• Regulators ought to proceed to coordinate amongst one another to ensure coherent coverage frameworks, definitions, and jurisdiction.
• Policymakers, regulators, and entrepreneurs ought to proceed to work collectively to make sure builders can deploy these new blockchain applied sciences rapidly and in a way that protects Americans from fraud, theft, and abuse, whereas making certain compliance with related rules.
• Government companies in any respect ranges ought to think about and study new makes use of for this expertise that would make the federal government extra environment friendly in performing its capabilities.”

Encouragingly, the report additionally maintains that “blockchain has many more potential applications, such as portable medical records and securing the critical financial and energy infrastructure.”

Jordan Daniell is a full-time employees author for ETHNews with a passionate curiosity in techno-social developments and cultural evolution. Jordan enjoys the outside, particularly astronomy, and likes to play the bag pipes and discover southern California on foot in his spare time. Jordan lives in Los Angeles and holds worth in Ether.

ETHNews is dedicated to its Editorial Policy<line/>

Like what you learn? Follow us on Twitter @ETHNews_ to obtain the newest Congress, blockchain or different Ethereum enterprise and finance information.

Get Updates from BitNewsBot on Telegram