It has been a year since the crypto bears gripped the whole crypto market. Since then, the prices of all cryptocurrencies have seen a massive drop in their values. The odds of achieving mainstream adoption for these virtual currencies have been looking slimmer as each day goes by. The past week saw another wave of crypto sell-offs which did not help the cause either.
The only good news that came out of all this was the plan of the U.S. state of Wyoming to give Bitcoin the same legal status as that of fiat currency. Mass adoption of cryptocurrency has been the long term goal of all crypto enthusiasts. Wyoming might be the starting point of this wave of mass adoption.
Wyoming to Become a Crypto Haven like Malta
Wyoming aims to become the Silicon Valley of the crypto industry, and aims to provide everyone with complete financial freedom. The state aspires to become a financial haven for everyone, by adopting cryptocurrencies and following in the footsteps of Malta.
Recently, Wyoming has shown immense interest in blockchain and cryptocurrencies. The state also passed two bills with the aim of helping regulate and further adopt cryptocurrency in the state. This interest shown by the small state of Wyoming has been very exciting news for the crypto community. This great leap taken by Wyoming could help encourage other countries to follow the same path.
The prime minister of Wyoming has a vision of making the state the prime ground for all crypto enthusiasts from the entire nation.
What Does This Mean for the Rest of the World?
Wyoming could just be the starting point for a wave of mass adoption of cryptocurrency around the world. The bill that identifies and regulates cryptocurrencies in Wyoming can be the framework for other countries to draft their own bill for legalizing cryptocurrencies.
The main problem is that governments view cryptocurrencies as a threat to their existence. This is a major reason behind most countries not legalizing cryptocurrencies yet. However, the benefits of using cryptocurrencies are far superior, and they triumph over the disadvantages. Very few governments have identified this. It is only a matter of time before more countries follow the path set by Wyoming towards legalizing cryptocurrency.
Wyoming also aims to become a crypto-friendly nation for all travelers. There will no longer be any need for tourists to convert their native currency to USD when they visit Wyoming. Travelers can pay using Bitcoin at all places in Wyoming once the bill has been passed.
There has not been much good news ever since the bears gripped the crypto market. The plans of crypto mass adoption have grown slimmer and slimmer over the past year. However, as 2019 started, many countries began showing interest towards adopting cryptocurrencies.
Over the past couple of weeks, Wyoming has made major strides towards regulating cryptocurrencies in the state, and once the new bill is passed, the state will also view Bitcoin as a legal form of currency in the state. This small step taken by Wyoming might lead to other countries following the same example. Thus, helping in the mass adoption of cryptocurrency in the world.