State of Wyoming Passes law making cryptocurrency currency (fiat).
State of Wyoming Passes law making cryptocurrency currency (fiat).
The United States is made up of 50 “ States” or distinct geographic area with limited Stste level governance. The state of Wyoming lawmakers passed a new law on January 31st, 2019. This new law goes into effect March 1, 2019. The law says cryptocurrencies are recognized by the government in Wyoming as fiat or currency.
The new law divides crypto assets into three categories: digital consumer assets, digital securities and virtual currencies. Any digital assets that fall into those three categories will be defined as intangible personal property, granting virtual currencies the same treatment as fiat money.
This means that Wyoming becomes the first of 50 U.S. states to put cryptocurrency on the same level as fiat. This means it can be used in all payments to the state.
The law also authorizes banks to
”...provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”<
I am excited because this is another step forward in the mass adoption of cryptocurrency.
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It is awesome that Wyoming continues its push to be the crypto capital. While not well-known, Wyoming also has some great privacy laws which many have used for years for asset protection.
The combination of privacy and crypto friendly legislature will surely bring some big crypto players to the state. And it is a beautiful state.
Thank you for spreading the good word @shortsegments.
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I am also impressed with Wyoming’s efforts!
Thank you so much for update
Thank you so much for this great effort. good news
Is there any clear defination governmet has passed out realted to how they will bifurcated in digital currency in 3 parts. I mean how they will decide it. On basis of what criteria?
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Good question. I will research it.
Thank you my friend.
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Your welcome. 😊
Thanks for share all crypto news
Thanks sir for updated
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This sure good news, we are progressing. As they say "little drops of water makes a mighty ocean" it may be one today but soon we'll rule the world.
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Thanks for sharing this information updated sir.
This is good update I found throughout Crypto currency from your post.
This is very useful information and thanks for sharing it dear @shortsegments
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this is very big news. it will lead way to mass adoption in future. at least. it will make crypto better known. lets see how this works in next few months
I will be researching Wyoming because I have heard it wants to be a crypto friendly state.
super cool