Wyoming becomes first US State to recognize Crypto as Money

[cryptochris1]

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.

source:https://blog.bankofhodlers.com/wyoming-becomes-first-us-state-to-recognize-crypto-as-money/