The bill that will go into effect on March 1, 2019 gives cryptocurrency the same rights the fiat money has
On January 31, 2019, the legislature website of the state of Wyoming (USA) revealed that a bill that will allow for digital currencies to be recognized as money has been passed by the state’s legislative body.
The bill was first presented on January 18, 2019, and it aims to help in making the classification of digital currencies more understandable. The document will divide crypto assets into three groups: virtual currencies, digital securities, and digital consumer assets. Every crypto asset that falls into one of those three groups will be considered as intangible personal property, giving digital currencies the same rights the fiat money has.
As the Wyoming legislature website informs, this document will go in effect on March 1, 2019. At the moment, Germany and Japan also treat virtual currency like money, similar to that as Wyoming legislature proposes.
The state of Wyoming makes lasting efforts to become a center of digital financial industry the USA. Earlier in January 2019, Wyoming legislative body reportedly proposed several crypto-related for consideration. They would help to create clear regulation of virtual currencies.
Author: Helen Darkhouse