Bitcoin (BTC), Cryptocurrency–In the midst of an uneventful week for cryptocurrency, with coin prices still hovering at their lowest point for the new year, the state of Wyoming is nearing the transition period to officially recognizing cryptocurrency as a legal form of tender.
According to a new bill, which was first presented on Jan. 18, 2019 and passed Jan. 31, The Cowboy State will begin to recognize all forms of cryptocurrency under the same regulations and attributions as that of fiat money. While the bill was passed with relatively little fanfare, it may be looked back upon in the timeline of cryptocurrency evolution as a more landmark event.
Despite countries around the globe and even other states in the U.S. being conflicted over how to classify and regulate cryptocurrencies, Wyoming took the initiative in handling the growing landscape of tokenized and digital assets. According to the new bill, crypto assets will fall into one of three categories moving forward: digital consumer assets, digital securities and virtual currencies. Despite the semantic discrepancy, all three of the categories have been defined by the state as “intangible personal property,” effectively putting cryptocurrency on the same platform as the United States dollar and other forms of fiat.
In addition to decreeing cryptocurrency and official form of money, the bill also has strong implications for Wyoming banks, requiring that they provide custodial services for cryptos and other digital assets within 60 days of going into effect, scheduled for Mar. 1, 2019,
“[Banks will] provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”
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