A complete Chapter has been devoted to the Cryptos including Bitcoins, Etherum and blockchain technology in the “2018 Economic Report for the President”.
America is presented with new technologies and innovative market trends every year. The U.S Congress presents an economic report each year that enlightens the readers about the market trends which affects the economy’s growth.
2018 Economic Report had a whole chapter on Bitcoins, ICOs and blockchain called “Building a secure future, one blockchain at a time”.
“Blockchain technology — providing cybersecurity and many other potential benefits—broke into the mainstream in 2017 driven by widespread interest and surging valuations in digital currencies such as bitcoin and ethereum”, the report states.
These new challenges and innovations would bring in some revolutionary changes in the global digital sector and bring in massive economic growth. The report then Compares Cryptocurrencies to the Internet and elaborates on the given insight.
The economic report analyzes and concludes on the the issues that needs notice so that it is easier for the authorities to have an idea of the trends.
“The Year of Cryptocurrencies”, Chapter nine of the report considers the year as a phenomenal result of digitalization.”While both stock market measures experienced strong growth, cryptocurrencies dwarfed their performance”, said the report.
Regulations are needed to stop the Crypto misuses.
The report talks about the need for controlling the technologies so that it does not impose any threat to the economy. The chances of fraudulent activities are stated in detail and it then discusses the ICO market and the crowd funding solutions it brings along with it. Then it discusses how the U.S. authorities should put in their efforts to stop the misuse of cryptocurrencies.