For the first time in history the U.S. Congress has devoted a section in its annual economic report to the cryptocurrency and Blockchain technology.
In the report 2018 contains analysis and recommendations for the coming year. A whole Chapter is devoted to the impact of cryptocurrencies and Blockchain on the US economy.
2017 in the report referred to as “the year of cryptocurrency,” and notes that the widespread concern about the bitcoin led him in second place as a global of news topics in Google’s Year in Search 2017.
The price of a number of cryptocurrencies and Blockchain assets showed a sharp jump, leaving behind such a key economic indices like the Dow Jones Industrial Average and the S&P 500.
On the cryptocurrency market cap has positively influenced the rapid growth of prices. In early 2017 the total value of all bitcoins in circulation amounted to nearly $15.5 billion, and by the end of the year it increased by almost 14 times and amounted to more than $216 billion digital currencies Such as Ethereum, Ripple and Litecoin are also feeling confident.
However, according to the report, many leading economists, including former Federal reserve Chairman Janet Yellen, still don’t believe that cryptocurrencies correspond to the standard definitions of money called Bitcoin “highly speculative asset”.
The recommendations contained in the document are of particular interest because the authors suggest government agencies at all levels to explore the uses of this technology. Namely, they recognize the potential of the Blockchain to enhance the effectiveness of the Agency and ensuring security from cyber-attacks.
“Policymakers, regulators and industry to continue working together to ensure that developers can quickly implement a new Blockchain technology to protect Americans from fraud and theft while ensuring compliance with the relevant rules,” the report says. “The blockchain was quite resistant to hacking” and “has many potential applications”.
Although cryptocurrency and Blockchain are still subjects of disputes, the analysis presented in the report demonstrates that government agencies can’t ignore the revolutionary technology of the Blockchain. As noted in the report, this technology can be used in such important areas as health care, financial and energy infrastructure.
Earlier this week the U.S. Congress held hearings devoted to cryptocurrencies, ICO and development of the Blockchain technology, in the course of which it became evident that there are many uncertainties and at the moment there is no clear regulation in this sphere in the country.