Legislating Bitcoin: Blockchain Technology in Government

The video discusses the formation of a blockchain caucus by Jared Polis and others to educate Congress on blockchain technology. It highlights the distinction between Bitcoin and blockchain, emphasizing the latter's potential beyond financial services. The video advocates for a light regulatory approach to allow natural development and explores blockchain's applications in government and other sectors. It addresses concerns about job disruption, comparing blockchain's potential impact to that of the Internet.

What is the primary goal of the caucus started by Jared Polis and his colleague?

• To ban the use of blockchain in government

• To regulate cryptocurrencies heavily

• To educate Congress about blockchain technology

• To promote Bitcoin as a currency

How does Wall Street view the use of blockchain technology?

• As a replacement for traditional banking

• As a tool for efficient movement of value

• As a threat to financial stability

• As irrelevant to their operations

What approach does the congressman suggest for regulating blockchain technology?

• Immediate government intervention

• A strict regulatory framework

• Complete deregulation

• A hands-off, light-touch approach

Which government service is mentioned as a potential application for blockchain technology?

• Tax collection

• Healthcare management

• Welfare benefits distribution

• Public transportation

How does the congressman compare the impact of blockchain to another technological advancement?

• The invention of the telephone

• The development of the Internet

• The creation of the automobile

• The rise of television