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.
As reported by Cointelegraph earlier this month, 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, according to a recent report by Cointelegraph.
The state of Wyoming has been showing continued efforts to become a crypto hub in the U.S. Earlier this month, Cointelegraph reported that Wyoming has introduced more crypto-related bills into legislation for consideration to help further the regulation of cryptocurrencies.