When Satoshi release the original Bitcoin whitepaper, it is fairly safe to say that he had no intention of it or even the blockchain, being used by a government to improve its’ operations. Cryptocurrencies sprung from a desire to change the traditional systems that determine how we transact with each other and businesses overall.
Even so, given the blockchain industry’s natural evolution into a powerful, yet still open-source driven community, interest and investments by governments into the blockchain were always inevitable.
Some have been extremely controversial like Venezuela’s creation of the Petro currency and some seem to have worked out well for all involved like Estonia’s efforts with e-residency solutions. One country that seems to have been relatively hesitant to get involved in a major way is the United States, beyond making a large-scale effort to clarify its’ regulatory opinion on cryptocurrencies across all levels of its’ governmental structure.
Despite this, just about every US regulatory agency seems to have a slightly different opinion on how to treat cryptocurrencies according to existing laws. Therefore, what is quite surprising is the news that broke today regarding the United States House of Representatives and the blockchain.
CoinDesk has stated that Kevin McCarthy, who is currently heading up the Republicans in the House of Reps., has introduced the idea that the blockchain could be a useful tool for streamlining government operations on a large-scale. In his explanation of why this is the case, he mentioned a few key cases of how choosing to adopt new technologies have changed the government for the better, like instituting a “bug bounty” program for the Department of Homeland Security.
While this idea was just announced and thus, has gained little traction up to this point, it will be interesting to see what comes of it. Will the United States government fully adopt the blockchain for itself while closing the door on it and cryptocurrencies for the average person?
By: BGN Editorial Staff