Wyoming introduces bill that classifies cryptocurrencies as money | eBitcoinics.com

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Wyoming introduces bill that classifies cryptocurrencies as money

news@eBitcoinics.com 20 Jan, 2019 news.eBitcoinics.com Views: 338

The state of Wyoming submitted a bill to clarify the classification of cryptocurrencies. This was stated by the website of the state legislature this January 18.

The bill defines "digital assets" as " a representation of economic, property or access rights that is stored in a computer readable format, and includes digital consumption assets, digital values ??and virtual currency ." And it would classify digital assets into three distinct categories: digital consumer assets, digital securities and virtual currencies.

The bill grants virtual currencies the same treatment as fiduciary money. In this way, in legal terms, cryptocurrencies will be considered money in that state if the law is approved.

The bill also authorizes banks to " provide custody services for digital assets pursuant to this section after providing written notice to the commissioner with sixty (60) days ." It will also allow banks to act as qualified custodians in accordance with the regulations established by the US Securities and Exchange Commission. UU (SEC).

Wyoming and the blockchain

Wyoming has recently seen an increase in legislation related to blockchain and cryptocurrencies. The legislators of the state approved a bill that allows startups that operate under this technology to carry out their activities within a regulatory sandbox . Also, this month, they presented a bill that allows corporations to issue blockchain-based tokens that represent shares.

Another great stimulus for the industry was the approval of the "blockchain law" that will allow banks to offer their services to blockchain companies in the state. In this regard, interest has also been shown in implementing blockchain technology for public administration. An example of this was the partnership with Overstock to develop a blockchain solution focused on land records .

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