US State of Wyoming: Bill Recognizes Cryptocurrency as Money

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The US State of Wyoming has recently thrown more weight behind the existence of cryptocurrency by allowing the class of asset to be treated as financial assets under the existing law, according to a bill passed on Thursday last week.

The bill sponsored by Senator Nethercott, Driskill, Perkins and Rothfuss and Representatives Harshman, Lindholm, Loucks, Olsen and Wilson, was first introduced on 18 January. It identified and classified digital assets into three categories: “digital consumer assets, digital securities, and virtual currency.”

The bill mentioned that virtual currency is “intangible personal property and shall be considered money,” and also made provisions to authorize banks to accept the existence of crypto stating that: “A bank providing custodial services under W.S. 34‑29‑104 shall be considered to meet the requirements of W.S. 34.1‑8‑102(a)(xiv).”

The state of Wyoming continues to build legislative bridges between the cryptocurrency system, its underlying blockchain technology and legacy financial laws of the state. Efforts so far have been channeled towards innovation and improved economic activities of digital assets.

Earlier last month, BitcoinNews reported on two new bills – House Bill 62 and House Bill 57 – that were introduced to the house aimed at fostering a supportive regulatory environment for blockchain and cryptocurrency. Both bills provided statutory recognition of both utility tokens and securities.

More regulatory frameworks within the US continue to show promise for the future of all classes of digital assets, as the industry has been plagued by uncertainties drawn from the indecisive or hostile environments of most jurisdictions globally.

Another recent positive regulatory objectivity came from the State of Indiana, where a bill was introduced to allow tax payments in cryptocurrency.

The recent weeks have seen quite an unpleasant market downturn. However, with this new development, the adoption of cryptocurrency is furthered on a positive note and clearly proves that the market conditions, however, are a poor yardstick for measuring crypto adoption.

 

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