Wyoming Passes Bill to Acknowledge Cryptocurrencies as Money

In the United States, Wyoming has adopted a law that will allow cryptocurrency to be recognized as a currency on 31 January.

The Law on Wyoming issued a law on 18 January, which would help clarify the classification of cryptocurrency.

As Cointelegraph reported earlier this month, the law will classify cryptographic assets into three categories: digital consumer assets, digital values, and virtual currencies. All digital assets in these three categories will be defined as intangible personal assets, giving virtual currencies the same treatment as the fiduciary currency.

The law also allows banks to "provide digital immovable property services by this section to a written notice to the trustee for sixty (60) days".

The law will come into force on March 1st, as stated on the Wyoming Legislature website.

As Wyoming brings an account to recognize cryptocurrency as a currency, other countries in the world still do not know where the cryptocurrency is going. Mexico and Denmark still consider crypto-currencies as unregulated assets, while Germany and Japan cryptocurrency is considered a currency, according to a recent Cointelegraph report.

Wyoming's state of affairs is a constant effort to become a cryptographic center in the United States. Earlier this month, Cointelegraph announced that Wyoming introduced more laws related to cryptography to help them tighten the cryptocurrency control.


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