US Representatives Submit Resolution Calling for Bitcoin Friendly Regulations

Elected representatives, Rep. Adam Kinzinger and Rep. Tony Cardenas have presented a resolution for pro-Bitcoin national policy. The resolution comes at a time when Bitcoin and its underlying blockchain technology continues to gain prominence in leading industries.

The national policy is aimed at creating a friendlier environment for the digital currency ecosystem and encourage technology development. The resolution gives a brief overview of the progress and potential use of non-fiat currencies like Bitcoin when it comes to security, transparency and verifiable trust mechanisms to complement the conventional payments systems. It also outlines the potential of blockchain technology in various sectors, including financial services, records management for healthcare, real estate and intellectual property rights management.

Even though the resolution is just meant to serve as a guideline for the future federal policies and legislation to the House of Representatives, it still signifies a growing interest in the digital currency technology among government representatives.

Blockchain technology has already disrupted the fintech sector. Many banks and financial institutions are actively pursuing the development of blockchain based solutions for their operations. The R3 Consortium already has many international banking majors and tech companies working together to achieve the goals. The resolution will also set a reference for the states working on digital currency regulations.

Other countries framing digital currency regulations include Japan, which recently assigned Bitcoin the status of a legal tender. Russia has also proposed a draft law labelling bitcoin as a foreign currency that can be bought in Russia but can only be spent overseas. Converting Bitcoin to Russian ruble is illegal in the country and carries up to 4 years of prison sentence.