Federal and State employees, along with members of the Government Blockchain Association, are invited to participate in a Working Group to study the impact of Cryptocurrencies and Blockchain technologies on government budgeting and management processes.

The value of cryptocurrencies like Bitcoin has increased from about $1 Billion in 2013 to almost $112 Billion in 2017, an 8,515% increase in only 4 years. Many leading experts have predicted that Cryptocurrencies are here to stay, successfully moving from the dark web to legitimate business transactions. Every day more economic activity is slipping from the currency economic system into the cryptocurrency economy. Cryptocurrencies allow for the tokenization of value, giving users the ability to tokenize and trade the value of their artwork, space in their homes, vehicles, vacation property, and infinitely more. With a whole new economic system based on tokens (or cryptocurrency), the very understanding of what money is will need to be re-defined. These group-specific currencies support causes and issues that are important to its members.

Government programs could be funded by these kinds of cryptocurrencies. For example, the government could issue tokens like: NASA Coin, EPA Coin, EduCoin, VetCoin- virtually any kind of token could be used to support government programs. Smart contracts could be used to implement budgetary rules and regulations to benefit stakeholders. While no one knows exactly how Blockchain and other Cryptocurrencies will impact how we govern, one thing is very clear: Cryptocurrencies will make an enormous impact.

The purpose of this Cryptocurrency Impact Working Group (CIWG) is to study these issues and describe the potential impact. The output will include recommendations to government leaders regarding recommended actions to take advantage of these new technologies and mitigate risks associated with a rapidly changing economic environment.

This working group is open to public sector employees and corporate / organizational members of the GBA.