Wyoming: World’s first to welcome cryptocurrency banks | Current Edition

The state of Wyoming has emerged as a leader in paving the legal way to enable banking of digital currency. In the coming months, it’s very likely the first financial institutions in the world for cryptocurrency will be operating here in the Cowboy State.

The Wyoming Legislature has approved more than a dozen measures to prime the state’s regulatory environment in hopes of recognizing the increasing legitimacy of digital currency like bitcoin, Ethereum, Ripple, Litecoin and others.

A potential bank to manage the growing digital currency market would operate using blockchain technology. Blockchain is a ledger platform to administer cryptocurrency transactions. These records consist of pieces, or “blocks,” of information like date, time, dollar amount and participants in a transaction.

Lawyer Matthew Kaufman of Cheyenne-based Hathaway & Kunz LLP said the state’s efforts to bring digital currency into mainstream financial operation began with…