State Archives -
While some governments around the world, both local and national, are taking steps to try and limit the spread of the use of cryptocurrencies, many others are trying to ensure their citizens are free to adopt the revolutionary technology. The latest example of this is the US state of Wyoming where the legislator has recently approved a host of new measures meant to attract cryptocurrency business.
Property Tax Exemption for Cryptocurrencies
The senate of Wyoming has passed a decision (bill 111) exempting cryptocurrencies from property taxation in the state. The straight forward law defines “virtual currencies” as any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the United States government.
This was one of five bills passed by the legislature in Wyoming in recent time meant to streamline the legal framework of cryptocurrency and “blockchain” technology use in the state in order to facilitate the establishment of related business ventures there. Two other bills that we reported on before made utility tokens exempt from securities laws and made cryptocurrency exchanges exempt from the Money Transmitter Act.
Attracting Crypto Business to Wyoming
State Representative Tyler Lindholm went on an interview on CNBC television to promote Wyoming as a welcoming destination for crypto businesses. He explained that if you mine bitcoin there is now no longer a property tax, no income tax and no corporate tax. Wyoming is one of only nine states out of all American states that have no income tax.
Apparently trying to lure energy hungry bitcoin miners to his state, Representative Lindholm added that the state has a lot of excess electricity, exporting most of its total production capacity. According to the US Energy Information Administration, Wyoming produces about 40% of all coal mined in the country, has the largest uranium mining operations in the country, is one of the top 10 natural gas-producing states, and has a rapidly growing wind power capacity. All while being the least populated state in America.
What other steps should individual American states take to attract cryptocurrency businesses? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post US State Exempts Cryptocurrencies From Property Taxes appeared first on Bitcoin News.
This week a government employee working for Florida’s Department of Citrus (FDoC) was arrested for purported cryptocurrency mining using the department’s computers. According to the Florida Department of Law Enforcement (FDLE) agents, the IT manager mined BTC, LTC, and other digital currencies.
Mining Cryptocurrency Using Government Computers
The FDLE has filed charges against an IT manager named Matthew McDermott who is accused of mining cryptocurrencies using the FDoC’s computer system. Additionally, the police say McDermott paid $ 22,000 USD for 24 graphic processing units (GPU) using the Citrus agency’s credit card as well. The FDLE reveals that McDermott was taken to Polk County Jail and is being charged with grand theft and misconduct. McDermott will appear before the 10th Judicial Circuit for the mining allegations.
“Through the diligence of the executive management team at the Florida Department of Citrus, our agency was able to minimize losses to the state,” FDLE Commissioner Rick Swearingen detailed during the arrest.
Thanks to the Citrus agency’s quick and appropriate action, we were able to investigate and arrest Matthew McDermott.
Utility Bills Increase by 41%
Besides purchasing GPUs with a government credit card, FDLE agents discovered that McDermott had “multiple computers at the Department of Citrus” tethered to a mining pool. Moreover, police said that the Citrus agency’s electric bills had spiked last year.
“The IG noted that utility bills for the agency had increased by 41% between October 2017 and January 2017 — the increase amounted to nearly $ 825.00,” says the FDLE.
The news follows other government employees and IT staffers accused of mining cryptocurrencies in states like Louisiana, New York, and other regions. McDermott’s bail is set at $ 5,000 for the alleged crimes.
What do you think about the government employees mining cryptos on the state’s dollar? Let us know in the comments below.
Images via Pixabay, the FDoC, and the FDLE.
At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.
The post Florida State Citrus Employee Arrested for Mining Cryptocurrencies appeared first on Bitcoin News.
High-cost lender Advance America will pay refunds to hundreds of California customers after a state regulator accused the firm of charging illegally high interest rates topping 100%.
The action, announced Monday, comes a few months after the Department of Business Oversight took actions against…
Four months ago, Col. Kerry Gilpin took over as superintendent of the Massachusetts State Police, but her name is getting national news now with the announcement that a suspect in her sister’s 1986 murder has been arrested. Tracy Gilpin was 15 when she left a party in Kingston and never…
Lawyers across the state of Utah on Monday all received one very Not Safe For Work image in their email inboxes: a photo of a topless woman.
Pro-gun Georgia lawmakers scored a political victory Thursday over Delta Air Lines, making good on Republican threats to deny the company a hefty tax break after it cut ties with the NRA , the AP reports. The state House and Senate within hours of each other passed a sweeping tax bill…
When it comes to quality of life, studies have shown that a feeling of social connectedness is one of the most important factors. “The number one indicator of success in life and having a fulfilling, satisfying life is the quality of your relationships,” says one sociology professor. “We are social…
President Trump says California won’t get its border wall until the entirety of the wall is approved for construction. California is almost certainly OK with that. “I have decided that sections of the Wall that California wants built NOW will not be built until the whole Wall is approved,” Reuters…
For the second year in a row, a transgender wrestler has won the Texas girls’ Class 6A 110-pound division.
Fidel “Fidelito” Castro Díaz-Balart, the eldest son of former Cuban President Fidel Castro, took his own life on Thursday, the island’s state-run media reported.
CNN.com – RSS Channel – Regions – Americas