From 1st March 2019 residents in Wyoming State in the US will be able to carry out all their transactions in cryptocurrency without having to look over their shoulders after their legislatures approved crypto as legal tender.
The activating of the bill will elevate the state of Wyoming to crypto friendly level hence many enthusiasts and firms might set up shops to tap directly into the US market through Wyoming. The bill was tabled on January 18th, and its primary goal was to provide clarity where the states stand concerning bitcoins and the likes. And on the 31st crypto was elevated to legal tender states by Wyoming legislatures.
Bill Doesn’t Provide Full Clarity
Through the enactment of the bill, crypto is now in the same category as virtual currencies, digital securities, and digital consumer assets. Under the latter category digital coins come under the intangible personal property hence are treated as fiat currency under Wyoming laws. Information is per details on the state of Wyoming 65th legislature website. Besides the bill upgrading digital coins to a legal tender status, it also grants banks power to become custodians to players in the sector after they forward a written notice to the commissioner in 60 days. Furthermore, the financial institutions must also comply with the regulations put in place by the United States Securities and Exchange Commission before venturing off to provide custodial services.
Other Bills Favoring the Crypto Sector
Apart from the January 31st bill, the floor of the Wyoming assembly has been active with laws geared towards ushering in the digital coins and blockchain technology sector into its state. For the technology behind the whole system, a bill was tabled in January 16th to allow blockchain driven corporations to issue tokens which act as stocks within its borders. Furthermore, the state of Teton is spearheading the implementation of blockchain in Wyoming State after agreeing to work with Overstock. Through the partnership, government administrators are working to develop a platform for the county land records based on blockchain technology. Besides that, legislatures enacted two other laws whose aim is to provide a conducive environment for the sector. With the law coming into effect on 1st march Wyoming will be joining the leagues of New Hampshire State which passed a bill that has set plans in motion to accept bitcoins as payment for taxes, and other fees come 2020. Overall the US is warming up to the idea of digital coins. Now it’s easy to find a bitcoin ATM.