New Bill Calls for the Treasury Department to Submit a Report on Foreign Crypto Usage and Mining

With this report on virtual currencies and global competitiveness, the idea is to strengthen U.S.’s role globally, and crypto can play a critical role in that.

US Senators want the Treasury Department to closely examine cryptocurrency mining and share the findings with Congress.

This week, a bill was introduced by Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) that requires the Secretary of the Treasury to submit a report on virtual currencies and global competitiveness to Congress.

The report on virtual currency wants the department to cover an assessment on how foreign countries use and mine virtual currencies, including identifying their largest state and private industry users and miners.

Policies foreign countries have adopted to encourage crypto's use, and mining and how they could be strengthened or undermined by allowing this within their borders are also included.

The bill further asked the Department to identify the types and dollar value of virtual currency mined for each fiscal year from 2016 through 2022 within the US, China, and globally, along with any other countries the Secretary of the Treasury determines are relevant.

Furthermore, the report wants to identify vulnerabilities related to supply disruptions and technology availability of the global microelectronic supply chain and opportunities in regard to crypto mining operations.

With this report, the idea is to increase the global competitiveness of the US, and according to Hassan, crypto is critical in that.

“In order to strengthen U.S. competitiveness, our government must get a better handle on the role that cryptocurrency is playing in the global economy and how it is being leveraged by other countries.”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide