Wyoming Legislator Wishes For 'Civil Debate' About CBDCs

The Wyoming Legislature is debating a measure that would establish a regulatory framework for a state-issued cryptocurrency.

Wyoming Senate Bill 105, which has been presented by state Sen. Bruce Burns, R-Sheridan, would create the Wyoming Digital Currency Act, which would provide a regulatory framework for the state-issued digital currency. The measure also includes provisions that compel the Wyoming Department of Administration to adopt rules and regulations governing cryptocurrencies and virtual currencies.

The law declares that virtual currency is a medium of exchange, digital information or money used as an alternative to traditional legal tender.

Under this idea, anybody who wants to store their bitcoin in Wyoming would have to register with the Department of Treasury or acquire it from someone who has registered.

The state's cash bail system is presently attracting fire for its use of money orders as an alternate form of payment for people unable to afford bond. Money orders are sometimes not recognised by financial institutions since they are not supported by any government organisation or institution.