T117: Cryptocurrency & Government
- Room: Grand E
- Session Number:T117
Tuesday, July 19, 2022: 1:05 PM - 2:20 PM
Description
As cryptocurrency continues to gain popularity, it sparks innovation as well as skepticism. State and local governments are now considering legislation related to the use of cryptocurrency, so it is time for a conversation on its pros & cons, opportunities for fraud, and accounting and auditing practices related to its use.
Key Take-aways
Key Takeaways:
• If cryptocurrency is here to stay, the Federal Reserve Board must address issues related to the adoption of a digital dollar.
• In considering the use of cryptocurrency in state and local governments, each must determine whether citizens can use it to pay taxes and government fines and fees and how it will work.
Learning Objectives
Explore potential outcomes from using cryptocurrency in state and local government operations, such as state pension and employee 401(K) investments or paychecks and vendor payments in cryptocurrency instead of dollars. Evaluate the strengths, weaknesses, opportunities, potential threats, challenges, and legal considerations of cryptocurrency as a government solution.