update 27 October 2021

Charles Hoskinson Highlights Wyoming’s Trendy Cryptocurrency Developments

Charles Hoskinson donated $500k cryptocurrency to the University of Wyoming (Blockchain Research and Development Lab in Laramie) in the past week via Cardano’s research arm. After the donation, the joint creator of ETH and Cardano released an ask-me-anything session on YouTube.

Hoskinson elaborated how fast the immediate wave of progress for cryptocurrencies is happening in the financial world. He praised Wyoming as a place to keep an eye on, noting the fantastic steps the state is taking towards the development of cryptocurrency trade. He continued mentioning the advantages that full reserve banks hold over the fractional-reserve banks. They can handle both fiat and crypto, coming in handy in the digitization, including for stablecoins, custodial services, and more.

Hoskinson has identified Wyoming as an activity-rich region that will source numerous great jobs within the coming decade or two. In 2019, the state legalized a new type of banking institution specializing in cryptocurrency transactions, popularly known as Speedy banks. The institution has been an enormous step towards cryptocurrency development for crypto-enthusiasts to date. 

The banks’ purpose is to offer essential financial services such as Bitcoin payroll and facilitate blockchain-based transactions. The banks also provide cryptocurrency private key management services.

As the cryptocurrency space keeps evolving, Morgan Stanley, veteran and former member of the Wyoming Blockchain Taskforce, Caitlin Long, expressed her optimism regarding the influence of regulations on the industry.

Wyoming state made a significant breakthrough in early 2018 after successfully passing a statewide bill that exempts cryptocurrency from property taxation. Cryptocurrency investors statewide have a favorable business playground that is big enough to use crypto as a medium of exchange.

Wyoming is the only state to have passed thirteen laws supporting an adequate legal framework for cryptocurrency entrepreneurs. Additionally, the state legislators continue to firm solutions for a digital economy development backed by blockchain technology.

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According to Hoskinson, the donated crypto he made to the University of Wyoming is to initiate a boost in further blockchain innovation within the state.