In what could be a huge step towards the acceptance and wider use of cryptocurrencies such as Bitcoin, the U.S state of Wyoming has introduced Cryptocurrency legislation in the House that aims to bring legal clarity to the still nascent field.
With this legislation, Wyoming aims to make itself a haven for such cryptocurrency and blockchain businesses by positioning itself as ‘forward-thinking’ and ‘responsive’ to the needs of the growing industry. If passed, it would be synonymous with how countries such as Malta and Estonia have realized the potential of the field to emerge pacesetters. As Senator Ogden Driskill of the Wyoming 1st District said,
“The legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.”
The state of Wyoming had already exhibited its increasing interest in inviting blockchain businesses to its state by passing two bills to regulate the cryptocurrency market way on 12 January 2019. Last year, San Francisco-based cryptocurrency exchange, Coinbase had also resumed business in the state after a long hiatus.
The new legislation, as reported by Forbes, has a few key features that have excited many in the cryptocurrency business. For starters, the bill offers Legal Status to digital currencies such as Bitcoin, recognizing peer-to-peer transactions of cryptocurrencies and thus, giving it the same status as money.
Secondly, the bill further reinforces its recognition of digital assets by authorizing banks to supervise such assets, and even taken them under custody, if needed.
The bill offers new hope for many in the cryptocurrency and blockchain industry who have been left disappointed by the lack of clarity on the government’s part. This bill, if passed, will form the framework for any future legislation that may be passed on the subject.
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