US State of Wyoming Supports Cryptocurrencies

The US state of Wyoming supports cryptocurrencies. Wyoming pursues liberal policies on cryptocurrencies.

The US state of Wyoming has made a major move towards cryptocurrencies and has allowed the US's first legal DAO. What is the DAO that is expected to fundamentally change the real economy, and what consequences would Wyoming's legalization of the DAO have?

This is Happening for the First Time in the USA

Although the US state of Wyoming is among the states that can be considered small, it is one of the states with the most leading and liberal policies on Bitcoin and cryptocurrencies. State Senator Cynthia Lummis is the honorary spokesperson of the markets in Washington with her statements and parliamentary work on the cryptocurrency markets. The Senator was last on the agenda when she invited "Bitcoin miners" to the state. Wyoming local government also seems to be in tune with Senator Lummis in the field of Bitcoin and cryptocurrencies. The State of Wyoming has granted the legal license to the USA's first DAO platform. CryptoFED DAO was the first DAO to get legal permissions.

So what is DAO?

DAO consists of the initials of the words Decentralized Autonomous Organization. This platform is trading with pre-written codes. It makes your request quickly and cheaply, without the need for any intermediary. In a borrowing platform developed with DAO logic, all problems are solved by software. Because it is not possible to manipulate the codes. DAOs choose which financial decision to make with smart contracts. In other words, it uses "artificial intelligence" applications. Also, if DAOs are blockchain technology, it becomes impossible to crack. Thanks to smart contracts, a financial DAO application can do almost all the transactions that a conventional bank can do. Wyoming State President Edward Buchanan made the following statements on the subject: “Wyoming has a reputation for being a pioneer of business technology, beginning with the recognition of LLCs in 1977. We are proud to continue this innovation by offering legal protections to DAOs. Congratulations to the American CryptoFed DAO, LLC, the first legally recognized DAO presented to the State Presidency in Wyoming."