Wyoming Introduces Crypto Related Bills which Gives Cryptocurrencies like Bitcoin the same Status as Money
The US State of Wyoming has introduced two new bills to clarify the legal stance on digital assets and Blockchain technology. The bills give Cryptocurrencies the same status as money which allows banks to provide custody solutions to Crypto.
Caitlin Long who is the co-founder of Wyoming Blockchain Coalition reported the developments on the Blockchain bill in a Tweetstorm.
The Bill introduces three classifications for Digital assets including digital assets, digital securities, and Virtual currencies. Digital assets would be treated like “general intangibles” whereas digital securities would have the same laws as traditional uncertificated securities and most importantly virtual currencies like Bitcoin would be given the same status as money.
This classification will help advance the Crypto ecosystem move forward as there will be regulatory clarity for Blockchain companies to operate effectively. Major smart contract platform Cardano is already trying to establish itself in Wyoming.
The most notable part of the bill is that Virtual currencies are treated the same as money which allows banks to provide custody solutions. Unlike trust companies which are currently the qualified custodians for Crypto, banks will be able to operate in all 50 states.
Wyoming rules money as private property under the Uniform Commercial Code (UCC) Article 9, virtual currencies like Bitcoin would also be given similar rights where owners will be able to transfer Bitcoin without the need of any intermediary.
Senator Nethercott of Wyoming told Forbes:
“Wyoming is an innovative and forward-looking State that is open for business. We are excited for what the future holds and want to continue taking the lead with shaping the future of business. The time is now to provide the pathway for blockchain and cryptocurrencies and Wyoming has the nimbleness and responsiveness to the needs of these industries to respond accordingly to the growing and adapting landscapes of cryptocurrency,”
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