The 13 blockchain laws have been passed in Wyoming, USA, and as a result, they have created a lot of room for some of the players in the market to embrace cryptocurrencies. Wyoming has begun a move to open up the first two of its cryptocurrency banks, with the goal of opening 5 in total.
According to the assistant director of finance at the University of Wyoming, Pawan Jain, the new laws are doing very well in attracting more and more companies towards Wyoming. However, he thinks that the main problem will be the regulations that will be applied to cryptocurrencies and banks in general.
The Benefits of Cryptocurrencies
The current definition of a cryptocurrency is a currency in a digital form, which is also considered by many people across the world to be a better form of money as compared to fiat money. The main reason is because of its digital form. As a result, it provides more security when it comes to transactions, plus it is possible to verify any transactions carried out. Due to this, it means that one cannot, in any case, send money that is not available or being spent in a different transaction.
Cryptocurrency banks, on the other hand, refer to banks that are performing their banking transactions and investment by the use of cryptocurrencies.
Jain continued to describe the expanded space for cryptocurrencies as a smart idea for Wyoming. This is because there will be a cold weather for the computers involved in the mining process, as well as enough land and wind energy that will also be important for cryptocurrency mining. He further adds that the country is dependent on energy and cryptocurrencies seems to be a great fall back plan.
Due to the 13 newly released laws, Wyoming has turned out to be one of the most attractive places for many cryptocurrency businesses. A good case is Cardano, which is a billion-dollar crypto company that is also responsible for the Ada currency, who moved to Wyoming at the start of 2019.
Cryptos in Wyoming
Jain said that the cryptocurrency legislation passed, and the opening up of banks in Wyoming will be of great importance to Wyoming’s economy. It is estimated that up to $20 billion could be flowing through Wyoming due to the latest advancement. In addition, he believes the first crypto banks will open in Wyoming by March 2020.
Jain added that he is not sure exactly how the latest moves in Wyoming could affect blockchain, but so far, they have not witnessed any financial roadblocks since the launch of cryptocurrencies.
As a result of the banks opening in Wyoming, the benefits received from the new laws will also reach people outside Wyoming, unless they decide to develop a cryptocurrency chain of their own. Companies and individuals can simply store their digital funds in Wyoming banks and as a result, they can benefit from the new laws without even being located in Wyoming.
The most important element of a digital currency, which makes it unique, is that it gains its worth from demand and supply and it is not by being regulated or controlled by banks and governments. As a result, it remains an independent exchange method that is worth using, and its use around the globe is growing rapidly.
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