In the US state of Wyoming, a bill was submitted that offers to give cryptocurrency the same legal status as money. The bill will also provide an accurate classification of digital assets, especially for their storage.
According to the bill, virtual assets are divided into three categories: securities, assets and currency. The authors of the bill believe that cryptocurrencies, including Bitcoin, fall under the category of currency, which gives them the same legal status as money. If bitcoin is classified as money, transactions in BTC may become interest-free in accordance with Article 9 of the United States Uniform Trade Code (UCC). This classification also extends ownership of cryptocurrency owners, eliminating the need for intermediaries in P2P transactions.
As for storage, the bill aims to create a legal framework for banks so that they can work as qualified custodians of digital assets. Based on this, banks will offer digital asset storage services similar to those they provide for ordinary securities.
“Now is the time to provide a way for the blockchain and cryptocurrency, and Wyoming has a responsiveness to the needs of these industries in order to respond appropriately to the growth of the industry.”
In addition to the digital assets bill, the Wyoming legislature is also considering other laws related to the blockchain. Recently it became known that the state may approve the issue of tokenized share certificates on the blockchain. In December, the state passed a bill on banking services to blockchain companies, despite protests from banks. In addition, in March last year, the Wyoming Senate exempted cryptocurrency operations from property tax.