For the first time in history, the United States Congress has given an important relevance to Cryptocurrencies and Blockchain technology in its annual Joint Economic Report. The publication went live on March the 13th and included an entire section exclusively for virtual currencies and blockchain.
US Congress Joint Economic Report
The Joint Economic Report contains an important analysis about the economic situation in the United States and it includes different policy outlooks for the future. Among the different topics we find that Cryptocurrencies have an entire chapter for themselves.
The Chapter 9 is named ‘Building a Secure Future, One Blockchain at a Time,’ and it focuses on cryptocurrencies, digital currencies, taxation, ICOs, recommendations and many other topics.
The 9th Chapter starts with a very short introduction and with a subtitle that reads ‘The Year of Cryptocurrencies,’ making reference to the last year which has seen the surge of the cryptocurrency market.
This section summarizes the most important events in 2017 and differentiates the cryptocurrencies available in the market. It also presents some graphics and compares Ethereum, Bitcoin, Ripple and Litecoin.
The report reads as follows:
“At this point, many prominent economists do not believe cryptocurrencies fit the standard definition of money. Former Federal Reserve Chair Janet Yellen considered Bitcoin a ‘highly speculative asset’ that is not considered legal tender. Bitcoin itself has technical and economic limitations that hinder its use as a medium of exchange.”
It is interesting and important for cryptocurrencies to be analyzed and taken into account for public policies. People will better understand how these cryptocurrencies work and how they can influence the economy and financial world.
The report explains that developers, blockchain experts and regulators should work together to create a friendly legal framework. Furthermore, the main intention is to take care of the citizens and avoid scams or irregular operations.
“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,” explains the report.