During a time when there is a lot of negativity surrounding cryptocurrencies, the new report from Congress has been rather refreshing. They called last year the ‘year of cryptocurrencies’ and called for lawmakers and industry stakeholders to cooperate further on the technology.
The yearly Joint Economic Report is essentially an assessment of the nation’s economic status and includes any recommendations for the upcoming year, and this year, it included a whole section that was dedicated to cryptocurrencies and the blockchain technology. This is a great improvement and step forward, as it is the first time that the blockchain technology has been mentioned in a substantial way in a major annual publication.
The report is particularly positive about cryptocurrencies and states that it can go some way to fight cybercrimes, as well as becoming a potential tool to protect the nations economy and its infrastructure. The report states that this should be the priority for both lawmakers and regulators, who, along with the public should be open to becoming more familiar with both cryptocurrencies themselves and the blockchain technology that is behind all of them.
The report states;
“Policy makers, 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.”
As well as stating that it should be regulated, it concludes by adding that government agencies, regardless of the level should consider and examine new uses for this technology, and should do so at all levels. This is such a positive view for cryptocurrencies and just a new sign that the US government is taking the concept of blockchains and cryptocurrencies as a serious one.
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