Support Digital Currencies, Blockchain & Fintech, US Congress Tells Govt

Journalist:
July 19, 2016

With a new bipartisan bill by the House of Representatives, a call has been issued to the US Government to adopt a national policy to promote citizens’ access to new financial innovation including blockchain and digital currencies.

A new Congressional resolution is calling on the United States government to support the development and ease of access to financial tools including blockchain, digital currencies and FinTech. The resolution seeks a national policy for technology in order to achieve those goals.

The bipartisan bill resolution sees its title as “Expressing the sense of the House of Representatives that the United States should adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”

The resolution implies that citizens’ access to digital currencies like bitcoin should be supported, referring to cryptocurrencies as “alternative non-fiat currencies” which the resolution sees as “emerging payment options”.

To this end, In no uncertain terms, the House of Representatives’ bill states that:

The United States should prioritize accelerating the development of alternative technologies that support transparency, security, and authentication in a way that recognizes their benefits, allows for future innovation, and responsibly protects consumers’ personal information.

Citing “increased transparency” as facets of digital currencies, the resolution notes that its inherent trust properties can “supplant decades-old payment technology deployed by traditional financial institutions.”

The resolution specifically underlines blockchain technology, which with “appropriate protections” it states can “fundamentally change” the current method in which trust and security are established and verified in online transactions. The resolution also points to specific sectors where blockchain can shine in its potential, namely: financial services, the payments industry, healthcare, energy, property management and intellectual property management.

The resolution sees co-sponsors in Rep Adam Kinzinger, a Republican from Indiana and Rep Tony Cardenas, a Democrat from California.

Introduced into the House on July 14, the resolution is now referred to the House Committee on Energy and Commerce. The status of the bill and subsequent updates can be found here.

Featured image from Shutterstock.

Last modified (UTC): July 19, 2016 16:44

Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas