Cryptocurrency

Wyoming Recognizes Cryptocurrencies As Money

Wyoming Recognizes Cryptocurrencies As Money

The American state Wyoming passed a bill that will recognise cryptocurrencies as money, on January 31st.

How does the Wyoming and the USA like cryptocurrencies?

Cryptocurrencies and bitcoin gain more traction, every day, all around the world. The United States Of America is no exception. However, some states are more cryptocurrency friendly than others. During the mid-term election, three governors – who the blockchain advocacy group Digital Asset Trade Association (DATA) – rates as “very crypto friendly”, got elected to office in three states. A further 2 with the same rating achieved re-election in Rhode Island and Texas.

The state of Ohio is the first to accept cryptocurrencies as taxes. Taxes on items from cigarette sales taxes to employee taxes will be able to be paid with bitcoin on OhioCrypto.com. The scheme is set to be rolled out for individual taxes at an unspecified future date.

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Another state that wants to become the foremost cryptocurrency and blockchain state in the states is Wyoming. A few weeks ago, they passed two bills to incentivise blockchain businesses to open shop in the state. The two bills focus on bringing digital tokens under legal frameworks governing assets. On specific that blockchain tokens are “an intangible personal property.” The plan is that they do not need an exemption from federal securities laws.

Wyoming wants to give cryptocurrencies the same status as money

These two were only the start, and one week later they introduced a new bill regarding the legal position of digital assets. They offered three classifications of digital assets; digital securities, digital assets, and most importantly, virtual currencies which give cryptocurrencies the same treatment as money within the state.

Wyoming recently released a new bill to clarify the classification of cryptos. The proposed bill also authorises banks to provide custodial services for digital assets. The bill will go in effect on March 1st. The state works hard to become a major blockchain hub in the United States.

Many countries all around the world show interest in digital assets and the new technology. Sweden might become the first country to create a national digital currency. The central bank believes that a state-backed digital option is necessary to maintain the stability of the country’s financial system. Russia, on the other hand, looks to replace USD with bitcoin. Due to the impact of U.S. sanctions, it makes sense that Russia would look to mitigate the damage through Bitcoin. The country has been forced to dump US dollars and US assets. As a result, it is looking to invest what could be billions of dollars into the cryptocurrency. Russia stated that the inability to use the dollar would drive other countries to pursue other alternatives as well.

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