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A bill has been passed by the the senate of Wyoming excluding CryptoCurrencies from property taxation in the state. The straight forward law defines “virtual currencies” as any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the United States government.
This bill was passed by the legislature in Wyoming in recent time meant to streamline the legal framework of cryptocurrency and “blockchain” technology use in the state in order to facilitate the establishment of related business ventures there.
Tyler Lindholm who is the state State Representative went on an interview on CNBC television to promote Wyoming as a welcoming destination for crypto businesses.
In addition, He explained that if you mine bitcoin there is now no longer a property tax, no income tax and no corporate tax. Wyoming is one of only nine states out of all American states that have no income tax. It sounds interesting right?
Representative Lindholm added that the state has a lot of excess electricity, exporting most of its total production capacity, this was a strategy to lure energy hungry bitcoin miners to his state though.
While some governments around the world, both local and national, are taking steps to try and limit the spread of the use of cryptocurrencies, many others are trying to ensure their citizens are free to adopt the revolutionary technology. And one of such state is the Wyoming State.
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