Cryptocurrency

Use Blockchain would be a “nightmare” in the U.S.

Every day, every minute, the technology Blockchain is going to be more important, to occupy more spaces within our daily life. However, this advancement of the chains of blocks can become a double-edged sword. Above all, if there is no appropriate regulation to promote the harmonious development of the sector. Something you struggle with the Congress of the united States.

The crypto regulation

The regulation of the technology Blockchain is one of the big issues pending for the majority of the governments of the world. Therefore, despite the increasingly important are the new technologies created by the Fourth Industrial Revolution. The same have not been sufficiently regulated to promote the sector. This has hindered the rapid development of new technologies such as the Blockchain. Leading to the organizations, companies, and individuals dedicated to working with the same should not only devote himself to experiment. But to fight against a state bureaucracy that is not prepared for the pace of the changes that are happening. The reasons behind the difficulty of States to adapt to the new context, are found primarily in two factors. The first of them, the inflexibility in the process of creation of laws and regulations. Which require years for its drafting, discussion, approval and implementation. We can expect that once created are decades out of date. A vision obsolete in a world that changes radically every few months. The second factor, it would be ignorance on the part of legislators, bureaucrats, and in general, members of the government. On the operation of technologies such as the Blockchain. What becomes ineffective at the time of creating regulations that do not prevent the progress in these sectors. But what promotes it.

The work of the u.s. Congress

For this reason, the Congress of the united States, would be working to be able to gather more information on the technology Blockchain. With the aim of creating a regulatory framework that can promote the development of chains of blocks. As well as, its use by companies, organizations and the u.s. government. To this end it is organized the hearing “Building blocks of change: the benefits of technology Blockchain for small businesses.“ In which, one of the witnesses invited by the Congress, Marvin Ammorin, called it “a real nightmare”, the tax returns of companies related to the Blockchain. If you want to spend Bitcoin in a cafe this morning, you’d have to keep a record of what you paid for the Bitcoin. And how much it was worth at the time that you spent, and pay the capital gain or loss on each transaction.” Commented Ammorin, recommending to Congress some form of tax exemption for small transactions with cryptocurrencies. This would have been the general tone of the comments made by all the witnesses. Those who clamored for greater clarity in the rules of the various regulatory agencies on Blockchain. And by favorable conditions in order to comply with their obligations to the State. Without this meaning a “nightmare” for them. Something that seems to be trying to achieve the american Congress, making this our Fact of the Day today here in CriptoTendencia.

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