First US State Passes Bill To Declare Cryptocurrency as Money

By Tabassum
Published February 2, 2019 Updated February 2, 2019
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First US State Passes Bill To Declare Cryptocurrency as Money

By Tabassum
Published February 2, 2019 Updated February 2, 2019

The latest report from Wyoming Tribune Eagle reveals that Wyoming is now the first US state to officially declare digital currency as legal property. While many other nations are still uncertain about cryptocurrency regulations, Wyoming comes in first row that has specific legal frameworks on crypto assets.

Wyoming Legislature Recognize Crypto as Legal Property

However, at first, the bill was presented in Mid Jan 2019 by Sen Tara Netherott, a cryptocurrency supporter. It is important to note that the proposed bill had also demanded the bank’s custodial services for virtual currencies’. Beyond regular money, it also enables banks to hold these digital assets in trust funds. Since the cryptocurrency is received the green light, it eliminates the need for an intermediary. Additionally, the Wyoming legislature website reveals that the bill will be in action on March 1, 2019. Nevertheless, the earlier proposed bill stated that

Banks should provide custodial services for digital assets consistent with this section upon providing sixty (60) days written a notice to the commissioner.”

 

Furthermore, the industry players such as the US-based Bakkt, Coinbase and Fidelity will less likely face legal risk. In a similar stance, Caitlin Long, head at Wyoming Blockchain Coalition expects that the firms such as Fidelity Investment can easily provide 401k services including digital assets.

What do you think about cryptocurrencies as money? Is it a good move towards adoption in crypto space? Let us know your thoughts.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Tabassum
562 Articles
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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