Regulators Are Calling 2019 the “Year of the Blockchain”

Regulators have eased regulations regarding blockchain technology as most of them feel that it might harm the development of the industry.

According to Yahoo Finance,

“During this year’s DC Blockchain Summit in Washington, D.C, regulators have eased these concerns when telling attendees they considered the technology would flourish throughout 2019.”

U.S. Representative, Tom Emmer, put forward the technology to the Congress so as to inspire the coordinated oversight of the government. Tom Emmer is also the co-chair for the Congressional Blockchain Caucus.

He stated,

“2019 stands to be the year of the blockchain, the year we separate hype from reality, and begin harnessing blockchain in the right-use cases to lower costs and increase efficiency.”

Emmer said,

“Congress has a clear role: we must ensure that regulation is simple and precise. If a patchwork of regulations emerges, the industry will suffer, and prove the government to be ineffective. This confusion will undoubtedly lead to more regulation, which will only stifle the innovation and potential application of the technology.”

Tom Emmer gathered all applauds for the Chamber of Digital Commerce for their detailed research regarding the matter and for releasing the ‘National Action Plan for Blockchain’.

According to the National Action Plan for Blockchain document,

“The technology is already being used by food companies to certify its products and streamline its supply chain networks enabling them to track products and allow intermediaries to access the information of the complete process of transformation and distribution through to the end consumer.”

Emmer said,

“Money transmitter laws were enacted to ensure the protection of the consumer entrusting another entity with their funds in order to transmit them. If no funds are being entrusted to another, it should be certain that these regulations do not apply.”

While talking about crypto assets Emmer noted that although criminals make use of these means of change, its potential should not be dismissed completely,

“Many, including those in this town, would like to focus only on blockchain and ignore or criticize cryptocurrency. They will tell us the bitcoin is used by criminals, and the blockchain is the real innovation. It’s true there are illicit transactions. But that should not be a reason to totally dismiss cryptocurrency.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Single Column Posts

Single Column Posts Subtitle