Blockchain technology, especially in the form of cryptocurrencies and digital assets, is already extremely popular and widely used across the globe. Unfortunately, the United States is behind the times with this advanced technology largely due to a lack of overall government regulations. With that said, things are slowly changing in America and Wyoming is leading the charge.
Wyoming Becomes First Blockchain Friendly State
Near the end of February, Wyoming passed four new blockchain bills that made the state a safe haven for blockchain companies like Cardano who moved to Wyoming after these bills were signed. However, the laws that Wyoming passed aren’t restricted to what people can do with digital assets like gamble with bitcoin or buy coffee from Starbucks. Instead, these bills were crafted to ultimately improve the state’s economy through blockchain technology and the businesses responsible for this tech.
In the short amount of time that these bills have been enacted, numerous blockchain companies have set up shop in Wyoming from digital asset developers to specialized repositories. Additionally, there are other major crypto companies considering the move to Wyoming like Kraken, which is one of the larger crypto exchanges in the world.
But, the one aspect that can’t be overlooked is how all of these blockchain companies can use the state as a testing ground for their technology. This is a major benefit for Wyoming because it puts them at the forefront of innovative tech that’s changing the world.
Colorado Follows WY’s Example
With the early success, and massive potential for Wyoming’s economic future, Colorado has followed suit and just recently signed their Digital Token Act. The state has opened its doors to blockchain companies and there are early reports that numerous businesses are looking to relocate their headquarters to the Centennial state. Soon, Colorado will be able to enjoy even more blockchain benefits just like Wyoming.
Will Others Follow?
Right now, only two states have the foresight to embrace this new technology. However, it’s hard to imagine that other states won’t follow Wyoming and Colorado once they see the economic success that these two states are enjoying. For example, when a major blockchain company sets up shop in Wyoming, it not only brings capital and revenue, but it also brings more jobs to the region. Furthermore, the blockchain tech can help to revolutionize established regional industries like the beef industry, which will now be able to track where their products are at all times throughout the globe. It’s a win-win scenario for a state and the blockchain businesses.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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