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First US State Passes Bill To Declare Cryptocurrency as Money

The latest report from Wyoming Tribune Eagle reveals that Wyoming is now the first US state to officially declare digital currency as legal property. While many other nations are still uncertain about cryptocurrency regulations, Wyoming comes in first row that has specific legal frameworks on crypto assets.

Wyoming Legislature Recognize Crypto as Legal Property

However, at first, the bill was presented in Mid Jan 2019 by Sen Tara Netherott, a cryptocurrency supporter. It is important to note that the proposed bill had also demanded the bank’s custodial services for virtual currencies’. Beyond regular money, it also enables banks to hold these digital assets in trust funds. Since the cryptocurrency is received the green light, it eliminates the need for an intermediary. Additionally, the Wyoming legislature website reveals that the bill will be in action on March 1, 2019. Nevertheless, the earlier proposed bill stated that

Banks should provide custodial services for digital assets…

Read Full Story : Coingape

2019-02-01 19:23:48

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