A bill that was tabled last February with the aim of exempting cryptocurrencies from existing property laws has recently been passed by the Wyoming Senate.
This news comes in the wake of various governments and regulatory authorities imposing restrictions against virtual currencies and ICOs. With this step, Wyoming becomes one of the first US states to legally adopt a host of measures which will not only promote the use of blockchain but also attract business interest from people looking invest in cryptocurrencies.
It should also be mentioned that this bill is amongst a group of other proposed law changes that have been passed by the state legislative committee in the past month.
All of these bills aim to facilitate the use of cryptocurrencies and blockchain technology within local governmental setups.
Not only that, state lawmakers also hope that these crypto-friendly laws will bring in outside investment which will help Wyoming become stronger economically.
The future looks bright…
Speaking on this issue, Tyler Lindholm— Republican State Representative— recently gave a TV interview where he promoted Wyoming as being the “go-to destination” for crypto businesses and investors.
He explained that crypto miners are no longer faced with property, income or corporate taxes within the state, thereby making it easy for individuals even with small capital investments to start their dream business ventures.
As we speak, Wyoming is one of only nine states in the US that don’t tax an individuals wage income. However, the state does collect a sales tax, and counties have the option of adding an additional 1% to the state levy.
Lindholm strengthened his case by adding that Wyoming is in possession of excess electricity which can greatly benefit miners. He also mentioned that since a majority of this electricity is being exported, crypto enthusiasts are welcome to set up base in the state and conduct their business activities with full government support.
Data collected from the US EIA shows that the state of Wyoming:
- Produces nearly half of the nation’s coal-based power supply.
- Accounts for 60% of the country’s Uranium mining operations.
- Is one of the nations largest natural gas producers.
- Has one of the fastest growing wind energy economies in the US.
All of this when coupled with the fact that Wyoming is one of the least populated states in the country, sets it up to be one of the biggest benefactors of the ongoing crypto revolution.