Wyoming becomes first US state to Recognize Crypto as Money

According to the legislature website, Wyoming has passed the bill allowing for cryptocurrencies to be recognized as a form of money.

The bill was presented on 22nd Jan where it captured the attention of the entire crypto world. It passed all its readings on 29th, 30th, and 31st of January, and was finally introduced to the state’s House of Representatives on 1st of February.

According to the bill, a digital asset means “a representation of economic, proprietary or access rights that is stored in a computer-readable format and includes digital consumer assets, digital securities, and virtual currency.”

The bill specified that digital assets are a “property within the Uniform Commercial Code.”

The bill also defined Virtual Currency as a digital asset that is “Used as a medium of exchange, unit of account or store of value.”

The bill also establishes an “opt-in framework for banks to provide custodial services for digital asset property as directed custodians,” and “specifying standards and procedures for custodial services.” It states that “a bank may provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”

The bill also mentioned that “The courts of Wyoming shall have jurisdiction to hear claims in both law and equity relating to digital assets, including those arising from this chapter and the Uniform Commercial Code.”

The bill ended with the statement that it will be effective from the 1st of July, 2019.

Is this the first biggest positive news for Crypto in 2019? What are the other events that will happen this year in the crypto space? Read our thoughts here.

 


About Bank Of Hodlers

Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.

We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.

 

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