Cryptocurrency regulation has always been a contested topic in the United States. In Wyoming, a new bill is on the table to exempt cryptocurrencies from property taxes. In fact, it will boost the adoption of digital currencies as a whole. Known as Senate Bill 111, it remains to be seen if this proposal can gain sufficient support.
Governments all over the world can benefit from soft regulation for cryptocurrencies. This new form of money opens up a lot of opportunities. Additionally, it will help create a lot of jobs in the future. Unfortunately, most officials don’t take kindly to Bitcoin and altcoins. That situation may soon come to change in the state of Wyoming. Senate Bill 111 will exempt cryptocurrencies from property taxes in the state. It is still in the early stages of moving through the system, yet it offers a glimmer of hope to cryptocurrency enthusiasts.
Senate Bill 111 Needs Your Support
More specifically, Senate Bill 111 is proposed by six senators and representatives. This new bill removes any tax penalties for holding cryptocurrencies. If approved, this will open the door for an influx of fresh capital and jobs in the state of Wyoming. At the same time, the proposal undermines the Federal Reserve‘s monopoly on money in the US. Rest assured such a bill will not be approved without major opposition along the way.
Virtual currencies have become commonplace in the daily lives of Americans. Even though they are not legal currency, no one prevents people from buying or using them either. If Wyoming gives Bitcoin the same status as paper currencies and precious metals, things will become very interesting. Many officials don’t consider Bitcoin as money. Even so, this may very well set a global precedent to reach the exact opposite. An interesting situation, although there is little chance this bill will effectively pass.
Turning Senate Bill 111 into law will require a lot of support. So far, it is doubtful that will materialize anytime soon. It is true Wyoming has shown a tendency to dislike the Federal Reserve’s monopoly over money. Whether or not that is positive news for cryptocurrencies, has yet to be determined at this point. Senate Bill 111 will certainly cause a lot of speculation. It has yet to be referred to a committee before hopefully passing a majority vote.
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