Old Mutual Gold & Silver Fund buys bitcoin

The organizations has big plans for cryptocurrency
24 November 2017   251

Representatives of Old Mutual Gold & Silver Fund reported that the company had spent 11 million dollars to buy bitcoin. Experts consider that it’s another victory of decentralized digital money. The Fund possesses monetary resources of 220 million dollars in gold equivalent and now the organization is planning to replace 5% of the whole fund money with cryptocurrency.

Mr Naylor-Leyland doesn’t see any threat from digital money. On the contrary, he supports the idea of using bitcoin by investors. The value of this type of cryptocurrency has been rapidly increasing: from 1000$ to the present 8000$.

Blockchain technology and digital money are the way to solve problems of the trust among business partners and the process of transferring money. The perspective of the interrelationship between stable currency and blockchain is very tempting. It’s not clear yet, if the cryptocurrency will be able to replace sound money but the growing influence of blockchain cannot be minimized.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   82

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.