Bills for Digital Currencies and Blockchains moving forward

CHEYENNE, Wy.(KGWN)- 4 bills still remain active in this year’s Legislative session that could help Wyoming capitalize on what some are calling the next generation, digital currencies and Blockchains.

House Bill 19 would remove the standard banking regulations on digital currencies and House Bill 70 would allow a person who operates or sells open Blockchain tokens, to bypass specified securities and money transmission laws. Both passed a second reading in the Senate on Thursday morning.

House Bill 101 that would authorize businesses to use Blockchain technology to store records also was brought up in the second house Thursday. The measure passed the Committee of the Whole and now heads to a second reading.

Senate File 111 passed last week and would exempt digital currencies from paying property taxes. This measure was introduced on the House side this week and was referred to the Minerals Committee for consideration.

A member of the Wyoming Blockchain Coalition, Caitlin Long, says this is all about efficiency and security of IT information. She adds that this will open the door for our state to attract software developers. In fact, Long says, “There have been dozens of inquiries from start-ups but also established companies in Switzerland and Canada that I’ve seen already and we are welcoming them to Wyoming because they are bringing jobs and they are interested in the regulatory clarity that house bill 70 would provide.”

Long also says that these companies are starting to work with the University of Wyoming, reaching directly to engineering students to help them get involved with this digital currency technology.

The bills must pass 3rd readings in their prospective second houses (House or Senate) before they can head to the Governor’s desk for official approval to become law.

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