Way out west in the wide open spaces cryptocurrencies are now recognized as money. So, New York, Silicon Valley (California), Washington, DC, etc are being left in the corral as the State of Wyoming has become the "go to" place for crypto innovation. Wyoming's new laws segregate crypto assets into three silos; virtual currencies, digital securities and digital consumer assets. With that, any digital assets falling into those categories are defined as intangible personal property thus granting virtual currencies the same status as "real" money. While "back east" in the skyscraper jungles waiting for Washington to act (insert laugh here) perhaps the true crypto hub is......Wyoming. Beautiful state and very progressive. Want to read more? See below...
(Bill Taylor/ Fintek Capital)
"In the United States, the state of Wyoming passed a bill that will allow for cryptocurrencies to be recognized as money on Jan. 31, according to the state legislature website.
On Jan. 18, Wyoming legislation presented the bill, which would help to clarify the classification of cryptocurrency.
As reported by Cointelegraph earlier this month, the bill will place 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.
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.”
The bill will go in effect on Mar. 1, as stated on the Wyoming legislature website.
With Wyoming passing the bill into law to recognize cryptocurrency as money, other nations around the world still are unclear as to where cryptocurrency falls. Mexico and Denmark still view cryptocurrency as an unregulated asset, whereas Germany and Japan treat cryptocurrency like money, according to a recent report by Cointelegraph..."