How Wyoming Could Become The Crypto Capital Of The US
11 Apr 2018
Analysts are predicting that crytocurrency and blockchain-related businesses could scoop up billions in business in coming decades, and U.S. states are recognizing the potential economic benefits.
Wyoming Makes A Move
Wyoming is reportedly in the process of introducing a number of cryptocurrency-friendly bills aimed at making the state the blockchain capital of the U.S. On Feb. 16, Wyoming introduced Senate Bill 111, which would exclude cryptocurrency from property taxation. The bill is part of the state's push to make Wyoming a haven for blockchain-based businesses.
Wyoming has no state income tax, but the IRS currently classifies bitcoin and other cryptocurrencies as property. The property tax bill is the first of four crypto-friendly billsRepublican state senators plan to back in Wyoming.
Other States Make Crypto Plays
Wyoming isn’t the only state that recognizes the value of cryptocurrency. Arizona recently passed a bill allowing residents to make their tax payments using cryptocurrencies starting in 2020. Tennessee recently introduced legislation recognizing cryptocurrency as legal tender and smart contracts and other digital transactions as valid under state law.
New York, the financial capital of the U.S., is also making a major push to lure blockchain business to the state. New York's first-ever “Blockchain Week" takes place the week of May 11 and is organized by the New York City Economic Development Corp.
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