Cryptocurrency Conference mainly addressed the issue of electronic currencies such as Bitcoins that have become very common in the modern global world. Various questions are asked in relation to this new technology. It is important to understand whether they can change the role of government in the supply of currency, and whether the government policies can work effectively with the presence of these currencies. There are also issues related to the benefits of the currency and whether there are risks associated with the currency. The conference also posed the question of the safety of funds in such systems and whether it is possible to deal with the criminal behaviors in such systems.
Various stakeholders have different views in regard to the Bitcoins. Some are of the view that the government should not intervene because the technology may not sustain itself. From the progress of the Congress discussions, there are arguments that the Bitcoins will not have great effect on the government roles in regulating the money supply.
For some stakeholders in the sector, the modern global world has various technologies that have benefits and disadvantages. As such, it is upon the governments to adjust fast to such technologies and ensure that they benefit the members of the society. It is not possible to assume and do nothing about a technology that has become very important in the international trade.
There are also arguments that the presence of Bitcoins makes it difficult for countries to regulate economic activities through activities such as monetary and fiscal policies. This is why it is necessary for governments to regulate the new technology so as to ensure that governments still have control over their macroeconomic tools.
There are challenges that are associated with dealing with the Bitcoins. First, there are already existing laws that can be applied to protect the consumers in such areas. Bitcoins are used in purchase activities hence, can be controlled through such laws. On the other hand, there are privacy laws that exist in the financial institutions, and managing the Bitcoins would require the infringement of such laws. Changing such laws to suit the needs of the current problem is also not a good idea. This is why there are great challenges that are associated with the control of Bitcoins.
The conclusion remarks in the Congress are that the US government has a reason to act. The Bitcoins will have effects on monetary and fiscal policies, and this is why controlling them is important. The congressman Hon. Mick Mulvaney, explains that though other countries are not acting, US should choose to be a leader since it has a large economy which can be greatly affected by the technology. Additionally, US have great technology and can easily achieve a lot in regulating the Bitcoins through such technology. The congressman argues that there are various states that have come up with strategies and laws to regulate the Bitcoins and electronic currencies. It is expected that the laws and strategies will work in some of these states. If it works, then it will be possible for the rest of the US to follow suit and use the strategies and laws. This will help in the movement towards the right direction in the management of the US economy.
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