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Wyoming is introducing a law that will put the cryptocurrency like Bitcoin on the same legal level as money. The bill will also provide a precise classification of digital resources, in particular for the administration of custody.
Cryptocurrency to have the same legal status of money
Promoted by Senator Tara Nethercott (R-WY) along with five other senators and representatives of the state, the bill entitled "Digital resources: existing law, "Requires the correct classification of virtual resources.The bill also seeks to create a legal framework for the safekeeping of virtual goods through banks instead of other financial institutions.
According to the bill, virtual assets fall into three categories: securities, assets and currency. The sponsors of the bill believe that cryptocurrencies like bitcoins fall into the currency category giving them the same legal status as money.
7 / That treatment solves what some call #bitcoinAchilles' heel – those old pawns can appear after years and hurt the owners. The bill proposes that the privileges expire after 2 years: this is a HUGE reason to store coins in a Wyoming keeper (clear them of any unknown privileges). #GoWyo
– Caitlin Long 🔑 (@CaitlinLong_) January 18, 2019
With Bitcoin classified as money, BTC transactions can become interest-free under Article 9 of the Uniform Commercial Code (UCC). This classification also extends property rights to owners of cryptocurrencies, eliminating the need for intermediaries in peer-to-peer transactions.
Regarding the Custody of cryptocurrencies
Regarding custody, the bill aims to create a framework for banks to act as qualified depositaries of digital resources. Based on this framework, banks will offer services of custody of digital goods similar to the type provided to the main securities.
Therefore, banks offering such services will do so according to the SEC Custody of funds or securities by investment advisors. This means that these banks can offer cryptocurrency custody services at the national level, which will represent a step towards the resolution of one of the annoying problems in the digital goods sector.
9 / #Wyoming banks would have the possibility to implement a strengthened regulatory regime for the custody of digital assets that meets #SEC #CustodyRule requirements, including surprise audits. Why important? This is a #Bank not at #TrustCompany. Banks can do biz in all 50 states, but they can not do it
– Caitlin Long 🔑 (@CaitlinLong_) January 18, 2019
Talking about Forbes on the benefits of the account, Sen. Nethercott He said:
The moment is now to provide the path to blockchain and cryptocurrency, and Wyoming has the agility and responsiveness to the needs of these industries to respond accordingly to the growing landscapes and adaptation of cryptocurrency.
Legislation linked to the Blockchain in Wyoming
In addition to the existing law on digital resources, the legislature of the state of Wyoming is also examining other legislative acts related to the blockchain. Representative Jared Olsen (R-WY) and Senator Chris Rothfuss (D-WY) along with a group of other legislators have recently introduced the "Tokens certified company shares"account, if passed, will allow companies to issue blockchain-based sharing certificates.
In December 2018, Wyoming strengthened his reputation as a blockchain friend when he passed the blockchain bank account. Companies like Cardano even have announced plans to move to the state.
You think that cryptocurrencies must have the same legal status as money? Let us know your thoughts in the comments below.
Image courtesy of Shutterstock
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