US Congress Economic Report Talks Positive About Cryptocurrency

A couple of days earlier, in the US Congressional hearing where digital currencies and ICO were the focuses of discussion, delegates like crypto friendly Tom Emmer criticized politicians for calling regulations without having a comprehension of the technology. While Representative Brad Sherman expressed his doubts on cryptos accomplishing anything great by calling them “crock”.

Only several days after this hearing, Congress distributed another report in which 2017 is being known as the time of digital currencies. The report additionally calls the industry stakeholders and lawmakers to meet up on the utilization of this technology.

The 2018 Joint Economic Report of Congress fundamentally is an assessment of the economic status of the US while giving suggestions for the coming year. A whole segment titled “Building a Secure Future, One Blockchain at a Time” has been dedicated to the digital currency and blockchain.

This is the first time this technology has been incorporated into such a considerable path, in a yearly publication produced by the Joint Committee of the Congress alongside members from both the Senate and the House of Representatives.

Dated March 13, 2018, the comprehensive report discusses the ascent of digital currencies and detailing a significant price development in bitcoin and Ethereum that went past the S&P 500 and the Dow Jones Industrial Average.

The report additionally suggests “blockchain as a potential tool for securing America’s digital infrastructure” and emphasizing that it can give cybersecurity to protect the nation’s economy. It additionally takes note of that this area must remain the top priority of regulations and lawmakers.

Because of its extensive variety of applications in future, the report suggests that “policymakers and the public should become more familiar with digital currencies and other uses of blockchain technology.” It additionally goes ahead to:

“Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse while ensuring compliance with relevant regulations.”

The report is a decent sign reflecting that the US government is considering digital currency and blockchain important and working towards the new uses of this technology.


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