Wyoming is challenging the US’s portrayal of Bitcoin by encouraging the acceptance and use of the digital currency. It has introduced cryptocurrency legislation which will bring a more evident clarity to the revolutionary vision.
If the cryptocurrency legislation is passed, it will be America’s very own version of Malta and Estonia with flexible and encouraging crypto laws. Or as the Senator of Wyoming’s 1st District, Ogden Driskill calls it ‘The Silicon Valley of blockchain and cryptocurrency.’
What does the crypto bill include?
It offers legal status to digital currencies and hence ensuring cryptocurrencies are given the same legal status as money. Thus Bitcoin will have a legal status without the involvement of an intermediary, which as a result supports Bitcoin’s peer to peer nature.
The bill also constitutes cryptocurrencies to be recognized by financial institutions such as banks, hence allowing them to take it under custody.
Wyoming is defining itself as more innovative and forward thinking compared to the other American states. No wonder it is headquarters to notable American blockchain and crypto companies such as Coinbase and even Cardano.
The cryptocurrency regulation of Wyoming will help set a precedent for future regulations by the American government on how cryptocurrencies are portrayed. Thus it is essential for it to pass, to ensure there is a surety of American institutional investors deep diving into the crypto revolution.
At the end of the day, it’s not just the blockchain and crypto industry that will benefit but Wyoming as a state.
Several notable innovators have further appreciated Wyoming’s move into the blockchain and crypto space. One such example is Nischal Shetty’s recent tweet-
Wyoming state in US has introduced a bill to classify crypto into 3 categories
1. Digital Assets
2. Digital Securities
3. Virtual Currencies
— Nischal (WazirX) ⚡️ (@NischalShetty) January 21, 2019
Shetty is the CEO of Wazir X which is a peer to peer crypto exchange in India. Indian cryptocurrency enthusiasts currently are facing a backlash as the digital currency has not been allowed to be withdrawn or deposited by Indian banks. As seen in the tweet he tagged the prime minister and finance minister of India indicating that clarity on cryptocurrency is a much-needed step for the highly populated Asian country.
Image Source – Flickr
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