JACKSON HOLE, WYO – Previously, Buckrail informed readers about the new technology behind Bitcoin called blockchain and how Wyoming has recently embraced the cryptography science. Indeed, it is encouraging to note how the state has proactively positioned itself ahead of the curve in that respect.
But until recently, the commodity aspect of blockchain—known as cryptocurrency and popularized by Bitcoin in particular—was severely hampered if not outright barred. Buying, selling, investing, and trading using ‘virtual currencies’ was not possible in Wyoming as state lawmakers grew nervous about the newly minted money.
As a result, state regulators put Coinbase, and other digital currency exchanges, under its Money Transmitter Act, meaning fiat currency reserves had to be held on consumer’s behalf for all digital assets. That proved too costly an option for Coinbase to comply and it pulled out of Wyoming altogether in June 2015, leaving perhaps hundreds of resident users in no man’s land without access to their accounts.
Since that time, Coinbase worked with the Wyoming House of Representatives and members of a Blockchain Task Force to help introduce new legislation.
The state of Wyoming came around, eventually, even as talks of legitimizing cryptocurrency were taking place behind closed doors at Nasdaq. One Bitcoin is currently trading around $6,500USD, according to CoinDesk.
Earlier this month, Coinbase announced it had renewed its money transmitter license in Wyoming, and Wyoming customers can once again use Coinbase products?to buy, sell and use cryptocurrencies.
Buckrail proudly accepts Bitcoin as a form of payment.
