Huge News: Wyoming Passes A Bill That Makes Cryptocurrency Money
This is very big news. A lot of the doubters of cryptocurrency say that it has no use and, hence, has no value.
The state of Wyoming passed a bill that goes into effect March 1, 2019. It was voted upon January 31st.
For those outside the United States, I think it best to explain some things. Each state has the right to pass it's own laws. As long as they do not infringe upon those at the Federal level, there is no problem. Of course, this is not always black and white leading to battles that go to the Supreme Court. It is also where those who believe in state rights face off against the "federalists".
What this action does is open the door for other states to follow if they want. Wyoming becomes the first state to put cryptocurrency on the same level as fiat. This means it can be used in all payments to the state.
Cryptocurrency and blockchain are creating an interesting situation. There are a number of states that are vying to get ahead of others in adoption. They want to attract businesses into their state. Ergo, we are seeing some competition.
Wyoming is determined to jump to the head of the class. From a government perspective, this provides validation to cryptocurrency.
The other big piece is it authorizes banks to establish custodial services.
The proposed bill also authorizes banks to “provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”
https://cointelegraph.com/news/wyoming-passes-bill-to-recognize-cryptocurrencies-as-money
Many of us are aware that if you do not have your keys, you do not own your coins. However, for mainstream adoption, until the use of cryptocurrency gets easier, it might be helpful to have this. This bill at least provides a middle ground for the time being.
Over time, I will expect more actions like this throughout the United States. It also may lay the groundwork for other countries to adopt.
Picture from article linked.
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Man Ill have to start writing my representatives in Indiana. As part of the "rust belt" it would be nice to attract some new technology for the area to help build and secure future jobs.
Isn't that the truth..
We have a county tax collector in Florid who decided to accept county fees in Bitcoin.
That is the only thing I know in Florida that took place at the government level.
Will Wyoming start a trend?
Im from Indiana too. Ill join ya! This state needs something good. Especially up here in the northwest part.
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To those who say crypto won't be a factor are watching the wrong channel. Things are already in motion.
Also I came across what is hopefully a nugget of steem gold and thought I'd share with you since you love digging into this stuff and doing such a brilliant of sharing it with us.
This could be what we've all been waiting for. The creation of SMT's.
https://steemit.com/steem/@runicar/smt-s-finally-here-but-not-made-by-stinc
Read that a few minutes ago and love what I'm seeing. Some good people working on it too which gives me a lot of hope.
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This is the drop that precedes the storm.
buckle up
Good old Wyoming, that bastion of freedom and progressive ideas :)
This is not their first time trying something brand new and not mainstream. Wyoming was the first state that embraced universal suffrage. Yep. Women could vote.
This has the possibility to be a really big deal, and even just the proposal of it is another 'brick in the wall' we are building.
Thanks for this!
Huge news
Baby steps.. bit at least progress..
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This isn't the first time that the very rural region of Wyoming has adopted a position that surprisingly placed it at the leading edge of an issue in the United States. While still a US Territory in 1869, it became the first in the nation to grant women full voting rights. Nationally, the Nineteenth Amendment wasn't adopted until until more than 50 years later.
Somehow, I think the adoption of cryptocurrency won't take nearly as long!
This is bigger than what me might think and is fudless lol.
That's cool...though this bank custody stuff, kind of troubles me, but I just would be happy to make money out of crypto, when and if that ever happens, and more adoption of it definitely helps.
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