Wyoming Looks Determined to Legalize Bitcoin as Money

Wyoming is a bill that will put like Bitcoin on the same legal footing as money. The bill will also provide a precise classification of digital , especially for custody administration.


Cryptocurrency to Have the Same Legal Status as Money

Sponsored by Sen. Tara Nethercott (R-WY) along with five state Senators and Representatives, the proposed bill titled “Digital assets-existing law,� calls for the proper classification of virtual assets. The bill also seeks to create a legal framework for virtual asset custody via banks instead of other financial institutions.

According to the bill, virtual assets fall under three categories: securities, assets, and currency. The bill sponsors believe that cryptocurrencies like bitcoin fall under the currency category giving them the same legal status as money.

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With Bitcoin classified as money, BTC transactions can become interest- according to Article 9 of the Uniform Commercial Code (UCC). This classification also extends property rights to cryptocurrency owners removing the need for intermediaries in peer-to-peer transactions.

Wyoming

Concerning Cryptocurrency Custody

Concerning custody, the bill seeks to create a framework for banks to act as qualified custodians of digital assets. Based on this framework, banks will offer digital asset custodial services akin to the type provided to mainstream securities.

Thus, banks offering such services will do so according to the SEC’s Custody of Funds or Securities by Investment Advisers. This means that such banks can offer cryptocurrency custodial services nationwide, which will be a step towards solving one of the nagging issues in the digital asset .

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Speaking to Forbes about the benefits of the bill, Sen. Nethercott said:

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.

Blockchain-Related Legislation in Wyoming

Apart from the Digital assets-existing law bill, the Wyoming State Legislature is also considering other blockchain-related pieces of legislation. Rep. Jared Olsen (R-WY) and Sen. Chris Rothfuss (D-WY) along with a group of other lawmakers recently introduced the “Corporate stock-certificate tokens� bill. If passed, it will allow companies to issue blockchain-based share certificates.

Back in December 2018, Wyoming reinforced its reputation as a blockchain-friendly when it passed the blockchain bank bill. Companies like have even announced plans to move to the state.

Do you think cryptocurrencies should have the same legal status as money? Let know your thoughts in the below.


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The post Wyoming Looks Determined to Legalize Bitcoin as Money appeared first on Bitcoinist.com.


Source: bitcoinist
Wyoming Looks Determined to Legalize Bitcoin as Money

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