According to recent press release by the company, IBM recentlyrevealeda report entitled [The Impact of Blockchain for Government: Insights on Identity, Payments,and Supply Chain] createdtogether in collaborationwith the United States Congressional Blockchain Caucus.
The report summarizes a series ofactivediscussions between United States Representatives ‘Jared Polis’ – author of [The Cryptocurrency Tax Fairness Act] that proposes toget rid ofcrypto taxes under the $600 USD and David Schweikert,at the side ofThomas Hardjono, technical director at the Massachusetts Institute of Technology [MIT] along with Jerry Cuomo,VPfor blockchain technology and existing CTO at the tech giant IBM.
IBM andMITattendedthreeconferenceswith members of Congress, discussingthe necessityfor statefunding of blockchain innovation andregulativesandboxes,during whichthe state would beable tocheckcompletely differentsolutions beforethey enterthe market.
According to Cuomo,specialistsmightstudy blockchain the whole day,however eventually itshouldbemadeobtainableto the people too. He stressed thatits absolutely wastime for the [U.S.]to start outacting on blockchain integration in the normal way of life.
Adding further he said:
“Blockchainis preparedfor the Govt., let’s get govt.preparedfor the blockchain.”
As per Rep. Polis, whoantecedentlyprojectedcreatingColorado a national hub for blockchain innovation in business and govt.”addedthat the state hassolelybegunto visualizethe promise of blockchain technology,thatexceeds digital currencies and tokens.
He stressed the importanceof makingthe simplestlegal framework for innovation and blockchain implementation,thatmightconsiderablyimprovethe standardoflifetime ofAmericans. Polisconjointly saidthat blockchainmayaddress “the real lack of trust in centralizedestablishments.”
Mentioned further Polis explained that the importance of relevant crypto taxation stating:
“Weneedto createa positive approachthat individuals tradingcryptocurrenciesshould notpay taxesfor gettinga cup ofcoffeeor a magazine.”
However, later asked on tax holidays for crypto startups, IBM CTO Cuomostatedthat it is anextremely hugequestion at this time that had nothoweveryet touchedmuch beyond small dollar amounts.
Duringthe conference, Rep. Schweikert —whoantecedentlyurgedthe InternalRevenue Service [IRS] to clarify crypto taxation —addedthat thedrugsand socialprojectswould seethe foremostbenefits using theblockchain solutions. However, he noted that specificencodingstandardsought tobedetailedto safeguardinformation—anaim pursued by the caucus’ partnership withmanyestablishmentslikeMIT along with National Institute of Standards and Technology [NIST].