The past year has been complicated for cryptocurrencies in terms of regulations and new laws introduced by government officials around the globe. Most nations have adopted a repressive attitude towards blockchain applications and digital currencies, usually in fear of illegal activities such as terrorism funding, money laundering, tax evasion and purchasing of drugs and weapons on the black market. As the world figures out how to approach the new space of crypto, one nation could very well dictate its future: the US. Indeed, the American say always weighs a lot when it comes to influencing other countries and stances on certain subjects. The US has made the headlines once again as it has included a section on cryptocurrencies in its latest Economic Report drafted by Congress.
Every year, the US Congress releases a Joint Economic Report that discusses and analyzes the state of the nation’s economy, as well as makes recommendations for the future and how to move forward in the next year. As mentioned above, the report includes a section dedicated to the blockchain technology and virtual currencies. At first, the official document discusses the huge growth that decentralized coins and tokens have experienced in the past year. It also mentions that the public and lawmakers need to increase their knowledge about the blockchain and its various applications. In other words, it infers that it could truly become part of the economy in the future.
The report also demonstrates a new and very positive approach to those technologies, which is rare enough to point out. It explains that the blockchain technology brings many benefits and opportunities and that it could be used to combat illegal activities and cybercrimes. This goes against most other nations’ beliefs that it actually enhances and allows cybercrimes to happen. Furthermore, the report indicates that it could help the economy and that the government should work on integrating the blockchain into existing infrastructures and frameworks. A passage states: “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.”.
Could this new stance on cryptocurrencies coming from the US influence other countries into adopting the new innovations and seeing their true potential? This could very well be the case, as we have seen in it happen in the past on many other subjects. Time will tell if this report will have a positive impact on the crypto space and the markets.
TLDR: The US Congress has released its 2018 Joint Economic Report and for the first time, it includes a whole section dedicated to digital currencies and the blockchain technology, explaining how they can serve multiple positive purposes in the future.