In a very positive move for cryptocurrency investors, the Wyoming state senate is reviewing a bill that would exempt cryptocurrency from property taxation.
Introduced on February 16th, 2018 and presented by a moderate, bipartisan coalition, Senate Bill 111 (WY SF0111) would move to include virtual currency as equivalent to fiat money, gold, silver, cashier’s checks and certified checks, and therefore exempt from property taxation. The bill defines cryptocurrency as 1. “a medium of exchange, unit of account or store of value” and 2. “not recognized as legal tender by the United States government.”
Not only is this legislation common sense, but it also goes a long way toward validating cryptocurrency and creating currency competition. As Ron Paul said about removing gold and silver from being included under capital gains taxation in Arizona, “If you want to have liberty and limit the size of government, you have to have honest money. We ought not to tax money – and that’s a good idea. It makes no sense to tax money.”
Hopefully, Wyoming legislators see the value of honest money in the form of cryptocurrencies and pass this important piece of legislation.