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Sunday, 18 February 2018

Wyoming as the Blockchain Capital of the World? Pending Bills Could Make That Happen

A package of cryptocurrency-related bills in Wyoming has overcome a key hurdle, bringing the state closer to its goal of being known as the Blockchain Capital of the World.
That’s ambitious for the U.S. Mountain State, but that’s not deterred lawmakers who’ve recognized the value of Blockchain and how it can help its businesses and citizens prosper.
This week, two bills – House Bill 19 and House Bill 101 – were passed out of the state’s House of Representatives. It now heads to the Senate for consideration. If it follows suit and passes the package of bills, it then goes to the governor to be signed into law, or vetoed.

Another positive for crypto space

We told you earlier this week about these bills, reporting that the bills’ passage could serve as catalysts for prices of cryptos moving higher. Bitcoin’s price, for example, did move higher over the course of the week, topping $10,000 for the first time since the beginning of February.
On Thursday, Feb. 15, Bitcoin punched through $10,000. It later retreated, falling below $10,000. At the time of writing, New York City time, it was fluctuating between $9,800 and $10,000.
This spike was taking place as other positives were happening in the crypto world, one being the continued talks around how best to take advantage of the space, and keep bad actors out of it.

Bills’ specifics

House Bill 19 addresses the current illegality of people being able to buy, sell, own and mine Bitcoin in the state. Exchanges can’t operate in Wyoming because regulations don’t allow it.
House Bill 101 relates to Blockchain, which is an area that technology companies have been asking be addressed. HB 101 would give companies the option to store their internal documents on a private Blockchain.
House Representative Tyler Lindholm is a sponsor of both bills.
When introducing the bill, Lindholm said:
“We essentially could be the Blockchain capital of the world within a year from now – that’s a very realistic outlook as far as the sheer number of companies that have contacted us in the last week alone. I don’t know if it’s going to be the answer to Wyoming’s deficit woes – but I don’t think it’s going to hurt.”
If these bills are passed into law, they will take effect on July 1, of this year.

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