In the U.S., the state of Wyoming passed a bill that will allow for crypto to be recognized as money

In the United States, the state of Wyoming passed a bill that will allow for cryptocurrencies to be recognized as money on Jan. 31, according to the state legislature website.

On Jan. 18, Wyoming legislation presented the bill, which would help to clarify the classification of cryptocurrency.

The bill will place crypto assets into three categories: digital consumer assets, digital securities and virtual currencies. Any digital assets that fall into those three categories will be defined as intangible personal property, granting virtual currencies the same treatment as fiat money.

The proposed bill also authorizes banks to “provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”

The bill will go in effect on Mar. 1, as stated on the Wyoming legislature website.

With Wyoming passing the bill into law to recognize cryptocurrency as money, other nations around the world still are unclear as to where cryptocurrency falls. Mexico and Denmark still view cryptocurrency as an unregulated asset, whereas Germany and Japan treat cryptocurrency like money.

Also read: Europe’s largest digital publisher Axel Springer SE has partnered with Blockchain startup SatoshiPay

Source: https://cointelegraph.com/news/wyoming-passes-bill-to-recognize-cryptocurrencies-as-money