Wyoming aims to define cryptocurrency as money with new bill
Despite the barrage of FUD that crypto enthusiasts have been subjected to in 2018, we believe the future of blockchain is very bright. Every day, progress is painstakingly made by entrepreneurs and businesses around the world and The United States is one of the countries leading the way.
The State of Wyoming recently passed a Bill that would legitimize digital assets as a form of money. More specifically, the Bill proposes three classifications of digital assets: virtual currencies, digital securities and digital assets.
The main clause of the Bill gives Wyoming the legal power to authorize banks to act as custodians for virtual currencies. However, it should be pointed out that banks won’t be handling any direct deposits of these digital assets nor does this suggest that the banks will be involved with trading directly. Despite this, it’s a promising step for cryptocurrencies and citizens of the state who own virtual currencies will finally have their digital asset ownership recognized by the law.
It’s a bold move by the state and regulators and crypto enthusiasts will likely watch this closely as a potential example for other states to follow.
Countries like Switzerland and Malta are already working hard to lead the world’s growing blockchain industry and this move from Wyoming adds to this movement.