Wyoming has always been a pioneering state, looking for ways to diversify its economy. It has its eye on cryptocurrency, which industry expert Jason Simon believes is a smart move.
Wyoming was the first state to repeal a prohibition on women’s voting. It also was the first to establish the limited liability company as a viable business concept. Now, it is innovating with its approach to digital assets and is still the only state to legally accept cryptocurrency for sports betting.
Cryptocurrency offers a lot of opportunities, and Wyoming is realizing this. It’s home to Caitlin Long, co-founder of Avanti Financial Group. The company is chartered to serve the digital asset industry in the state. Long is helping drive that change.
“Wyoming has found a way to continue to shape different industries over the years,” explains Simon. “Now, it is raising the bar on how the US views cryptocurrency and will show that its decision to embrace digital assets was well ahead of its time.”
Wyoming is changing how banking is viewed, which is going to be a fundamental drive of cryptocurrency’s acceptance in the US. The digital asset industry is entering traditional finance, facilitating reduced costs and faster transactions. This responds to consumers’ demands and is proving to be an invaluable step in the transition to blockchain operations in finance.
There are still hurdles that have to be jumped before cryptocurrency receives mainstream acceptance. One of these is the misguided view that it is riskier than traditional finance solutions. However, change is coming. Several jurisdictions across the US, including New York City, Austin, TX, and Miami, FL, are exploring how to integrate cryptocurrency into their systems.
Adds Simon, “Cryptocurrency is still young, but it has already received global recognition after only 12 years. It won’t take much longer for it to be on the same level as fiat currency.”