In a welcome development by petty investors and digital currency enthusiasts around the world, the Senate in Wyoming has approved a bill recognizing digital currencies as money and giving it the same status as other legal currencies. With the passage of the bill, Wyoming strengthened its position as the primary supporter of the US digital currency and blockbuster technology market.
The bill, which was introduced on 18 January in the Senate, was approved by a 28-1 majority. Not only is the digital currency acceptable, such as paper money, it also provides a rare legal clarity to the applicant by classifying digital assets into three digital consumer assets, digital securities and virtual currencies. The bill also recognizes digital assets as legal property and authorizes banks to supervise and hold them in trust funds.
The Wyoming State Legislature’s website suggested that the law is likely to come into effect on March 1, although the bill is currently on its way to the House of Representatives for a discussion. Banks will be given 60 days after 1 March to provide conservation services for such digital assets, according to the bill.
The passing of the bill represents another step towards the goal of Sen. Oden Drieskill of Wyoming County to make Wyoming the Silicon Valley for digital and plucheans for America and the world at large. Moreover, the two bills connected with the Blocin technology in Wyoming have already been passed by the Senate.
This development is also good news for financial service providers such as the Coinbase, Fidelity and Bakkt platforms, which are now free to operate in the state without risking any legal costs. In fact, only recently has Coinbase recently restarted operations in the country because of the lack of legal clarity that jeopardizes its operations.