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American regulators attempt to define blockchain

American regulators attempt to define blockchain
Oct 5, 2018 by Rico Wise

A couple of US representatives from both Republican and Democrat parties, namely Doris Matsui (California) and Brett Guthrie (Kentucky) have presented a legislation to establish a working group that will find a definition of blockchain, believing that this technology has a lot of advantages to be utilized by the government and its economy.

According to Matsui, the innovations of blockchain have the potential of changing the face of digital economy on a worldwide scale, and deployment of this technology brings along a whole set of various opportunities, such as enhanced transparency, effectiveness, and improved security.

The draft law, H.R. 6913, named the Blockchain Promotion Act of 2018 aims to unite stakeholders in order to establish a common definition for the technology. The legislation also provides recommendations regarding the promotion of the groundbreaking invention.

This draft law comes in the wake of legislative processes in different states of the country, wherein each state comes up with a different definition of what the technology is, and in order to escape further disputes and discrepancies, the proposed draft law would see stakeholders working together on development of a common definition that will simplify further policymaking and facilitate efficient operation of the governmental authorities.

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