Wyoming May Implement Blockchain Accounting System

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The US state of Wyoming is considering a bill on blockchain accounting. If approved, the new system could be rolled out to the state by the end of 2021.

The ad hoc committee on blockchain, financial technology and digital innovation has submitted a bill to Wyoming legislators to authorize the state to develop a blockchain accounting system. If approved, the state will implement the new system by the end of 2021.

The system will be used by companies for reports, data and other information that they are required to provide under the law. The bill involves consultations with stakeholders, including companies, lawyers and registered agents.

Wyoming legislators are some of the most progressive in the US when it comes to cryptocurrencies and blockchain. Earlier this month, they proposed a bill to allow Decentralized Autonomous Organizations (DAOs) to formally register as a legal entity.

Last spring, Wyoming authorities allowed local insurance companies to invest in crypto assets, including Bitcoin. In addition, last fall it became known that the Kraken exchange would open its own bank in Wyoming, and the Avanti cryptocurrency bank received a license from the state regulator.

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