Wyoming Recognizes Cryptocurrencies at par with Fiat Money per Recent Bill

Wyoming Recognizes Cryptocurrencies at par with Fiat Money per Recent Bill

February 2, 2019 Off Maheen Hernandez By Maheen Hernandez

I felt like the cryptocurrency can never do any wrong in the year 2017.  However, things turned topsy-turvy making it like the end of the world for investors. Regulated and legalized markets will not be unscrupulously volatile.  If cryptocurrencies are made legal, the situation will come under legal control.  At the least, there will be a decline in the numbers of pump and dump schemes.

Charles Hoskinson, the founder of ADA, argued that the cryptocurrency market should “mature” as an industry in the next decade as opposed to worrying about the prices reaching their all-time high. When the product is well-developed and useful, the byproducts of the process are a good return on investments.  A performing product naturally attracts high market capitalization.

For those who would like to advocate for the cryptocurrency, they do not know as much as they need to know.  Therefore, there is a constant concern about whether cryptocurrencies are a passing fad or if they are here to stay in the world of commerce.

The price of the Bitcoin is hovering at their lowest levels.  There is a transition seen in the State of Wyoming, where they have worked their way towards officially recognizing the crypto as a legal tender.

The current bill was presented in the year January 18, 2019, and it was passed on January 31, 2019.  After the passing of the Bill, the cowboy state is all set to identify all forms of cryptocurrency under norms similar to fiat currency.  There was not too much of fanfare when the bill was passed; however, this is a landmark event in the evolution of cryptocurrency.

Classifying and regulating the cryptocurrency has been a matter of issue in almost all states in the US. However, Wyoming has taken the lead in this regard in a scenario where the numbers of cryptocurrencies and tokenized assets are growing.

The new bill states that crypto assets can be categorized into three major categories moving forward and they are listed as virtual currencies, digital securities, and digital consumer assets. Irrespective of the real discrepancy, all of these asset types have been declared to be “intangible personal property.”  Thus, the state has put cryptocurrency in a similar platform like the cryptocurrency.

Wyoming banks are required to provide for the custodial services of crypto and the other asset types. This is within 60 days of the bill coming in to effect, scheduled March 01, 2019.

In the currency bear market scenario, Bitcoin has been focused on regulation, legitimization and mass adoption. 

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