Wyoming May Introduce a Blockchain-based Accounting System

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

The Special Committee on Blockchain, Financial Technology, and Digital Innovation has submitted a bill to Wyoming lawmakers authorizing the state to develop a blockchain-based 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 draft law requires consultation with stakeholders, including companies, lawyers, and registered agents.

Wyoming’s lawmakers are among 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 officially 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 will open its own bank in Wyoming, and the Avanti cryptocurrency bank received a license from the state regulator.