Bitcoin electronic money received official status in one of the US states.
The important event happened in the cryptocurrency industry. The authorities of the US state of Wyoming have passed a law under which bitcoin electronic money is equated to physical money. Of course, within a specific state. Now the cryptocurrency has a legal basis and recognition at the official level.
What is the essence of the bill defining the new position of bitcoin electronic money?
Important for the development of digital money bill was adopted quickly. It was presented in mid-January 2019, and at the end of the month, it was approved.
Under the terms of the law, the state of Wyoming will recognize all forms of cryptocurrency in the same way as our usual paper money. The law also defines the following cryptocurrency qualifications:
- Digital assets = total intangible assets
- Digital securities are listed now as common stock.
- Digital currencies are equivalent to fiat money with all the ensuing rights
With regard to the storage of cryptocurrencies, the bill spells out the conditions that allow banks to provide the same services for saving digital money that they provide the traditional money. Thus, depository banks will be able to work with cryptocurrencies within the framework of the rules of the US Securities and Exchange Commission.
This is not the first initiative of Wyoming authorities to develop the cryptocurrency industry. In March 2018, another bill was passed here, known as “Bill 70”. According to him, utility tokens are exempt from regulation by the law on securities. This, in turn, allowed the US state to become the first state jurisdiction in the world, which identified the token as a completely new asset class.
Coordination of the new bill, according to Senator Tara Nethercott, will help the state of Wyoming continue to match the reputation of the region that supports innovative developments and new business. The official was one of the members of the civil servants team submitted the draft law.
For the industry, this event is a consequence of the already six-month decline in the price of Bitcoin, due to which it is legitimized more and more. In this case, Wyoming bill could provoke a significant shift in rhetoric with respect to digital money. It is not believed that other states and entire states will follow the American example and equate cryptocurrency to fiat money in the legal context.