Wyoming Eyes Becoming Next Blockchain Hotspot

State Representative Tyler Lindholm sees the state as soon-to-be Blockchain Capital

by -
09 February • 3 min
In News

Wyoming’s Legislature is set to consider later this month the passing of a package of bills that will not only put Wyoming on the Blockchain technology's map, but will make it its center, according to State Representative Tyler Lindholm.

 

The local politician believes that it is very likely for the state to become the world's “Blockchain capital”, as a number of companies have shown interest in the coming legal changes.

 

Wyoming is getting ready to invite in the Blockchain technology

The state's Legislature is discussing two bills that might open the doors for Blockchain companies. Wyoming has been one of three states in the US that, until maybe the near future, has a regulatory system that makes the terms for Blockchain exchanges' functioning quite unwelcoming, so the companies just avoid them. Lindholm explains that it is not illegal to operate with cryptocurrencies, including mining, on the state's territory, but the regulatory regime makes it difficult. He and his allies believe that the suggested House Bill 19 will solve this problem.

 

Another obstacle for the modern companies' functioning, noted by the bills' movers, is a century old law, that requires a paper copy of documentation to be kept in the firm's office. Lindholm agrees that this cannot be expected from companies that operate almost entirely online. The demand for solution from local companies has been strong and now the needed changes are suggested in House Bill 101. The new regulation, if passed, will create the option for companies to store their inter-office documentation on a private Blockchain.

 

Wyoming builds its future

The news about House Bill 19 and House Bill 101 have already spread and created excitement among tech corporations. Lindholm says that he has been contacted by businesses, interested in the changing conditions.

 

According to Lindholm, the fact that many of the biggest world companies have taken on Blockchain technology, shows its importance. The Blockchain is virtually the safest technology so far and gives a huge advantage on the data-protecting issues. That is why Lindholm had proposed some regulatory changes as early as in 2016, but unfortunately the proposition didn't pass. Now he is looking to brighter chances to make Wyoming a worldwide known Blockchain city.