As per The Wall Street Journal,
“The Internal Revenue Service is required to update its 2014 direction on digital currency in the coming weeks, following an April demand from a bipartisan gathering of 20 legislators. It is a piece of a more extensive push to help the nascent digital currency industry.”
Not just that, the paper said the U.S. Congress
“is thinking about creating three bills that would resolve a portion of the dinky lawful issues encompassing the cryptocurrency industry.”
The move comes as U.S. government officials and regulators increase their emphasis on high tech firms and related areas, with late hearings focusing on Facebook and Google.
Additionally, Facebook’s intentions to dispatch its very own digital currency, Libra, is among the principal issues occupying the minds of cryptocurrency enthusiasts and finance specialists.
A congressional hearing on Libra is planned for later in July as part of the process to either allow the new payment platform to operate in the state or not.
The Wallstreet paper also said,
“crypto’s sponsor in Washington state that regulatory lucidity is crucial to the cryptocurrency industry development. They additionally stress that the U.S. is falling behind: Japan and Switzerland have created constitutional structures that have pulled in cryptocurrency activities and venture. Facebook also choose to incorporate the office that will govern Libra in Switzerland.”
The development of digital currency faces more than administrative difficulties, the Journal noted, saying
“bitcoin has attempted to pick up footing past a center group of geeks. Scammer, drug dealers, and con artists that are drawn to its anonymity have defaced its popularity.”
All things being equal,
“regulations remains a hindrance to digital currency more extensive adoption,” the report proceeded. “Tax assessment, explicitly, is among the sector’s greatest issues.”