The law commission praises smart contracts saying they help to build trust and transparency between the two transacting parties.
Bannon praised cryptocurrencies during the interview and also said that he owns Bitcoins.
The latest congressional hearing had some important technical and regulatory discussions on cryptocurrencies and the blockchain technology.
A report from The Guardian cites that the U.K has all the required resources - industrial, technological and governmental to emerge as a leader in the crypto space.
In addition to Bitcoin, the crypto market added $20 billion with other popular altcoins gaining 5-10%.
The company also said that for the crypto space to mature a lot of regulatory work needs to be done.
The G20 has submitted a standardized framework to its member nations while stating that it be monitoring the crypto space vigilantly.
The new blockchain-based solution will streamline the KYC process for the international banking fraternity.
The Founders Bank will let is clients decide on future developments by implementing blockchain-style governance model based on smart contracts.
The task force will work towards combating the crypto crimes and also bring new investor protection initiatives and regulations.