Wyoming intends to release cryptocurrency from taxation

The Senate of the state of Wyoming proposed a bill, which exempts crypto-currencies from taxation. Bill No. 111 was prepared and presented by six senators: Priscilla Ogden (Ogden Driskill), Nagarkot Tara (Tara Neverkott), Chris Rothfuss (Chris Rothfuss), Tyler Lindholm (Lindholm Tyler), David Miller (David Miller) and Jared Olsen (Olsen, Jared). Except Rothfuss, all senators are representatives of the Republican party.

The bill, supported by Republicans and Democrats, proposed a list of intangible assets that are exempt from taxation. It became Fiat currency, checks, gold, and digital assets. The latter include all the valuable virtual assets used as media of exchange or units of value and not a legitimate US currency. In fact, this definition fit almost all crypto-currencies and tokens.

The taxation of profits from cryptocurrency transactions in the United States is a relatively unexplored area, wherein the digital assets of citizens are subject to Federal property tax and income tax. However, according to personal Finance service Credit Karma, about their cryptocurrency income to the Tax service of the USA (IRS) reported only 0.04% of clients of the service.

The adoption of this bill will have a positive impact on the economy of the state: Wyoming could attract substantial investment and create new jobs.

State policy also bears opposition to the Federal Reserve, and this bill expresses the position in relation to cryptocurrencies – the state should help them free flow, not to look for opportunities to profit.

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