Wyoming reps push to make the state a cryptocurrency capital

Jackson Hole, WY – There’s a saying in financial markets that cryptocurrencies, like Bitcoin, are the financial equivalent of the Wild West—an untamed market with few rules and little to no regulation. But crypto technology holds promise as a tool to change the way business is conducted. That may be why the Wyoming Legislature seems so interested in these nascent and sometimes mysterious technologies and forms of currency.

Last week the Wyoming House passed two bills dealing with cryptocurrencies and blockchain—a secure method of tracking transactions, documents and records—making the state one of the first in the nation to do so. The house voted unanimously in favor of House Bill 70, the “Utility token bill,” and House Bill 19, “the bitcoin bill.”

Passage of these two bills could position the state as a leader in the cryptocurrency and blockchain industry, with the potential of drawing entrepreneurs to the state.

Wyoming has already seen a number of cryptocurrency “miners” move in. Cryptocurrency miners, who use arrays of parallel processing computers to perform complex calculations to “mine” a bitcoin, have been attracted to the state due for its cheap electricity and low costs to cool their equipment thanks to Wyoming’s frigid weather.

Read more: http://planetjh.com/2018/03/02/the-buzz-2-the-bitcoin-bill/