US State Wyoming has accepted cryptocurrency as money by passing the bill to allow the virtual currency to be recognized as money on January 31st.
According to the state legislature website, Cryptocurrency is now classified digital assets within existing laws. And the assets are property within the uniform commercial code.
This bill was presented on January 18th, where the Wyoming state has proposed a bill for classification of cryptocurrencies.
In the bill passed Digital asset are classified as the following.
1) Digital consumer asset
These are intangible personal property and shall be considered as general intangible.
2) Digital security
These are intangible personal property and shall be considered as securities.
3) Virtual currency
These are intangible personal and shall be considered as money.
Also, in the bill, it is proposed to banks to provide custodial services for digital asset companies. To get it the companies need to provide a 60 days written notice to the banking commissioner.
The state legislature website also mentions that,
A bank and a customer shall agree in writing regarding the source code version the bank will use for each digital asset, and the treatment of each asset under the Uniform Commercial Code
The bank can provide account and statements and also manage customers currency and digital assets as a custodial service.
This bill will be implemented from March 1st, 2019 which is said on their website.
This is great news for Crypto traders and firms located in Wyoming. Because now they will be able to trade and use cryptocurrencies without any interruption. Other governments around the world might also see this and follow.
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