Minnesota's Digital Dollar is Just a State-Issued CBDC by Another Name

Wyoming's Stablecoin CBDC: Another Name Emerges in Emmer's Bill

A new bill introduced by Wyoming Representative, Scotty Emmer, proposes the creation of a central bank-issued digital currency (CBDC) in the form of a stablecoin. This development comes as another example of Wyoming's efforts to pioneer the use of blockchain technology and digital assets in the state.

The bill, titled "Wyoming Stablecoin Act," aims to create a CBDC that is pegged to the US dollar, ensuring its value remains stable. The proposed CBDC would be issued and managed by the Wyoming State Bank, a proposed new entity that would be responsible for maintaining the stability and security of the digital currency.

The bill's primary sponsor, Representative Emmer, stated that the goal of the Wyoming Stablecoin Act is to provide a new, secure, and efficient way for individuals and businesses to make transactions. Emmer emphasized that the proposed CBDC would be designed to be compatible with existing financial systems and infrastructure, ensuring a seamless transition for users.

The bill's introduction follows Wyoming's previous efforts to establish itself as a hub for blockchain innovation. In 2019, the state passed the "Wyoming Blockchain Facilities Tax Incentive Act," which provides tax incentives for blockchain companies that establish operations in the state. Additionally, Wyoming has also adopted the Uniform Commercial Code (UCC) Article IV, which specifically addresses the treatment of digital assets and electronic signatures.

The proposed Wyoming Stablecoin Act has garnered support from various stakeholders in the blockchain and financial industries. The bill is currently under review by the Wyoming State Legislature and is expected to be debated in the coming weeks. If passed, the bill would make Wyoming the first state to issue a CBDC in the form of a stablecoin.