Bitcoin and other cryptocurrencies will accelerate the pace of development thanks to the new laws of Congress

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Bitcoin and other cryptocurrencies will accelerate the pace of development thanks to the new laws of Congress

The spread of cryptocurrencies and blockchain technology in the US received another boost in the form of three bills proposed by U.S. Congressman Tom Emmer.

New bills on the development of cryptocurrency and the support of the Finance industry. In General, the texts of laws give the impression that their author has a clear and adequate idea about the digital assets. In particular, a member of the house of representatives Emmer says:

“The United States must make a priority the development of blockchain technology and create an environment that will allow American private business to lead the process of innovation and further growth. With this purpose, I introduce these bills.”

The first part of the bills contains the expression of the unconditional support of digital currencies and blockchain technology. It says that the government should adhere to the principle of “do no harm” to the technology to be used in a positive way. The author refers to the experience of the Internet, saying:

“..in many ways, the blossoming of the Internet associated with the soft approach to regulation and enforcement, embodied in the five principles on the development of the global information infrastructure, which adheres to the government of the United States.”

The documents also cover the topics of the benefits of technology, its application as a means of promoting blockchain and effective usage scenarios. Under the bill, some parties involved in the technology of the blockchain, do not need to “register as money transmitters”. In particular, we are talking about the miners.

The text of the bill also indicates that policies put first the safety and security of users. In particular, the document States:

“The United States should make it a priority to accelerate the development of blockchain technology with the aim to ensure transparency, security and authentication in order to recognize its benefits and to ensure that consumers are protected, maintaining, at the same time, future innovation.”

In addition, the bills contain provisions aimed at protecting the taxpayer through the “fornirowanych” digital assets. It is also intended to penalize those who complain about the owners of assets as long as the IRS does not offer a coherent plan for taxation.

Mention tax service resonates with addressed to her open letter of a group of American legislators, in which they stated that digital assets and cryptocurrencies, in particular, should be taxed. The letter said:

“We once again appeal to you, insistently calling to update the rules, making them clear for taxpayers seeking to understand tax obligations and meet them in the use of virtual currencies”.

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