According to recent press release by the company, IBM recently revealed a report entitled [The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain] created together in collaboration with the United States Congressional Blockchain Caucus.
The report summarizes a series of active discussions between United States Representatives ‘Jared Polis’ – author of [The Cryptocurrency Tax Fairness Act] that proposes to get rid of crypto taxes under the $600 USD and David Schweikert, at the side of Thomas Hardjono, technical director at the Massachusetts Institute of Technology [MIT] along with Jerry Cuomo, VP for blockchain technology and existing CTO at the tech giant IBM.
IBM and MIT attended three conferences with members of Congress, discussing the necessity for state funding of blockchain innovation and regulative sandboxes, during which the state would be able to check completely different solutions before they enter the market.
According to Cuomo, specialists might study blockchain the whole day, however eventually it should be made obtainable to the people too. He stressed that its absolutely was time for the [U.S.] to start out acting on blockchain integration in the normal way of life.
Adding further he said:
“Blockchain is prepared for the Govt., let’s get govt. prepared for the blockchain.”
As per Rep. Polis, who antecedently projected creating Colorado a national hub for blockchain innovation in business and govt.” added that the state has solely begun to visualize the promise of blockchain technology, that exceeds digital currencies and tokens.
He stressed the importance of making the simplest legal framework for innovation and blockchain implementation, that might considerably improve the standard of lifetime of Americans. Polis conjointly said that blockchain may address “the real lack of trust in centralized establishments.”
Mentioned further Polis explained that the importance of relevant crypto taxation stating:
“We need to create a positive approach that individuals trading cryptocurrencies should not pay taxes for getting a cup of coffee or a magazine.”
However, later asked on tax holidays for crypto startups, IBM CTO Cuomo stated that it is an extremely huge question at this time that had not however yet touched much beyond small dollar amounts.
During the conference, Rep. Schweikert — who antecedently urged the Internal Revenue Service [IRS] to clarify crypto taxation — added that the drugs and social projects would see the foremost benefits using the blockchain solutions. However, he noted that specific encoding standards ought to be detailed to safeguard information — an aim pursued by the caucus’ partnership with many establishments like MIT along with National Institute of Standards and Technology [NIST].