The cryptocurrency is getting the much-deserved fame. However, different states in the US have adopted a different stance for the digital currency. Most of the state governments are currently using the stage-wise approach to implement the blockchain and the crypto technology.
Most of the Governments are interest to explore this technology further and feel that this digital currency can offer value in the public service sector. Initially, the digital currency gained hype way back in 2014, and about 20 states opted for the relevant legislation then.
Initially, New Mexico and California did not invest their trust in the digital currency. In fact, they even sent out warnings against the digital currency investment. Now, many of the states are of the opinion that digital currency does hold a bright future.
Colorado is trying to figure the perks of digital currency in private and the public sector. A bipartisan bill was passed in Colorado that allows the use of blockchain technology for Government record keeping.
Wyoming is trying to figure out how digital currency can make a major impact on the economy. The legislation was also passed in Wyoming. The benefit of this legislation is to announce that tax charges are not applicable to the digital currency.
It will not be wrong to state that Wyoming is one of the most crypto-friendly states. Arizona has also taken the initiative to accept the digital currency. Accepting the taxes in the form of digital currency is willing.
Georgia has given the same incentives to its residents, and they can pay the taxes in the form of digital currency. This means that digital currency is gradually getting the much-needed acceptance in the US and this is surely a positive development that will benefit the digital currency sector.
However, there are still some states that have not readily accepted the digital currency. Their names include Texas, Iowa, and Indiana. These states are still skeptical about the use of digital currency, and this is why they have not accepted the cryptocurrency whole-heartedly.
Apparently, it seems that the majority of the US states have taken some stance regarding the digital currency. One can be hopeful that positive developments in the field of digital currency and blockchain will convince other states to accept the digital currency as well.
At the moment the key operators of digital currency exchanges should ensure that they put forward solid strategies to encourage digital currency investments.