Wyoming’s New Bill Classifies Cryptocurrencies As Money
The state of Wyoming in the Unites States of America has passed a new bill that now classifies cryptocurrencies as money. The new bill has broken down cryptocurrency into three categories, digital securities, digital assets and virtual currencies. Experts say the classification had been long due and has set the cryptocurrencies rolling forward. The Bill has given digital currencies the same legal status as money.
The Wyoming Blockchain Coalition has applauded the Bill as a milestone. Caitlin Long, co-founder of the coalition said this was a great opportunity. “Wyoming saw an opportunity to lead in this field last year and realized it had just as many advantages in competing for this nascent industry as any other place.” Long says the Bill softens the risk through recognized laws. Blockchain being a new technology also comes with its own set of risks and businesses recognize this. Long said “every single blockchain company is operating with some degree of legal risk because the law in the area hasn’t caught up with what’s happening in the real-world.”
Meanwhile, Senator Nethercott said Wyoming is an innovative and forward-looking state that was excited for what the future holds. “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,” the Senator said.
Coming back to the Bill, its a kind of regulation making the cryptocurrency safer for investors. As Forbes rightly explained “the new Bill will also authorize banks to opt into an enhanced supervision regime for digital asset custody. The banks will not take digital deposits, instead, they would be providing custodial services akin to the services provided by Bank of New York & JP Morgan for securities.” Through the new Bill, customers have the option of retaining property rights in their digital asset instead of being forced to give them up.
Senator Ogden Driskill said the Bill will have a significant financial impact on the State of Wyoming. Driskill said it will enhance the state’s image as a pacesetter in new legislation and in the blockchain and cryptocurrency space in terms of innovative ideas.
The new Bill will surely have cryptocurrency enthusiasts coming into the state, another boost to its economy.