Wyoming Law Exempts Cryptocurrency from Property Taxes; Will Encourage Use and Help Undermine Federal Reserve Monopoly on Money

CHEYENNE, Wyo. (April 2, 2018) – Last month, Wyoming Gov. Matt Mead signed a bill into law to exempt cryptocurrency from property taxes. The new law will help expand the of use digital currency and could ultimately undermine the Federal Reserve’s monopoly on money.

A bipartisan coalition of six senators and representatives introduced Senate Bill 111 (SF111) on Feb. 14. The new law exempts “virtual currencies” from state property taxes. The bill 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.”

SF111 takes a step toward making virtual currencies, such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Zcash (ZEC), on par with paper currency, gold, silver, other coins, bank drafts, certified checks and cashiers checks. In other words, the law now treats cryptocurrency like money for tax purposes.

The House approved SF111 by a 60-0 vote. The Senate passed the bill by a 30-0 vote. Gov. Mead signed the bill March 10 and went into immediate effect.

Removing tax penalties for holding …

Read more at The Tenth Amendment Center
(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)

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