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Cryptos in the Joint Economic Report

On March 13th the American Congress has devoted 1 chapter to Blockchain technology and cryptocurrencies in the annual financial report for the first time in history.

The report focuses on analyzing the impact of digital currencies and Blockchain on the global finances. As stated in the document 2017 was the year of Bitcoin and other cryptos and that the general interest (and anxieties as well) has led Bitcoin to be the second most popular phrase in Google Search.

Last year was full of growths on crypto market caused by the increasing interest among common users. I observe it among some of my friends as well. When I started making money online thay laughed at me, and now they come for help because they effects of my hard work and they would like to earn money like that on their own. O course I help everyone who would like to join me, no matter what they thought about it earlier, but this is not the point here.

As we can read in the raport, if cryptocurrencies will be less variable in the future (as assumed), the pricing will be much easier and they’ll become more popular in the payment system. But some of the leading economists, this payment method does not go well with the standard money definition and is a speculative production.

The American document shows recommendations for government agencies – for instance researching the new technologies. “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” – as stated in the raport. The study also contucted that Blockchain is more resistant to hackers’ attacks and hasmore potential applications as thought before.

Although digital currencies and Blockchain still evoke many emotions, the analysis presented in the American document shows that governments do not ignore them.

source: cointelegraph.com


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