The U.S. Congressional Blockchain Caucus members and IBM recently discussed the numerous use of blockchain for various activities like payments, ID systems, and supply chains during a meeting held on 24th September as per a press call attended by Cointelegraph.
With this, IBM recently published a report naming “The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain” organized in collaboration with the U.S. Congressional Blockchain Caucus.
The report focuses on a series of roundtable discussions between U.S. Representatives Jared Polis who is also an author of “The Cryptocurrency Tax Fairness Act,” that recommends to ban crypto taxes below $600 and David Schweikert with Thomas Hardjono who is technical director at the Massachusetts Institute of Technology (MIT) and Jerry Cuomo who is vice president for blockchain technology and CTO at IBM.
MIT and IBM organized three meetings with members of Congress while discussion imparted with the mainstream subject matter of the need for government funding of blockchain innovation and regulatory sandboxes in which the state is expected to test a variety of solutions before they are brought to the market.
Further speaking to the subject matter, Cuomo said during the press-call that experts could study blockchain ‘the whole day’, but eventually it must be made available to citizens. With this, he said “it was time for the U.S. to start acting” on blockchain integration in daily life. The blockchain is ready for government, let’s get government ready for blockchain.”
Amid this, Rep. Polis, that earlier recommended to make Colorado a ‘national hub for blockchain innovation in business and government,’ said that the state has just started to explore ‘the promise of blockchain technology,’ which exceeds tokens and cryptocurrencies.
Besides this, he elaborated the importance of building the best legal framework for innovation and blockchain implementation that could significantly improve the quality of life of Americans. He further added that blockchain may actively focus ‘the real lack of trust in centralized institutions.’
With this, he explained the importance of relevant crypto taxation saying that “We want to make sure that people using cryptocurrencies won’t pay taxes for buying a cup of coffee or a magazine.” However, when it comes to discussing the tax holidays for crypto startups, IBM CTO Cuomo said explaining that it was a really big question which had not yet transited much beyond small dollar amounts.
Additionally, Rep. Schweikert (that previously recommended the Internal Revenue Service (IRS) to focus crypto taxation) said during the call that medicine and social projects would take most advantages from the new age technology blockchain solutions. But the specific encryption standards should be designed that protects data.
Further to the subject matter, Cointelegraph stated through its comments earlier this week that “U.S. Congressman and Blockchain Caucus member Tom Emmer announced that he would introduce three bills to support the development of blockchain technology and cryptocurrencies, as well as establish a safe harbor for taxpayers with “forked” digital assets.”