The U.S. Congress asked USGAO to conduct a technology assessment on the use of blockchain, and here are the four policy recommendations.
The GAO assessment further highlighted various non-financial implementations of blockchain technology, as shown below.While policymakers have the right to maintain the status quo, the GAO recommended four policy options to ease the decision-making process that goes behind mainstream blockchain implementation — standards, oversight, educational materials and appropriate uses.
According to GAO, an oversight policy can “help address challenges with legal and regulatory uncertainty and regulatory arbitrage.” In addition, the GAO recommends the issuance of educational materials for addressing challenges around limited understanding and undefined benefits and costs. On March 5, the Senate of Virginia unanimously approved a bill amendment request that now allows traditional banks in the region to provide virtual currency custody services.by Delegate Christopher T. Head back in January 2022, stating: