Wyoming bill is setting a new precedent for cryptocurrencies

The state of Wyoming has introduced a new legislative bill that elucidates the states view towards cryptocurrencies. The bill has declared that the state considers cryptocurrencies as personal property and has explained various other things as well.

This bill is another step towards reaching a secure crypto-sphere as regulations have been introduced in different parts of the globe clarifying certain rules that the crypto firms operating in those areas must meet.

The bill that is drafted in Wyoming will subject digital assets to the same laws as currency. The bill states, “An Act relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital assets property as directed custodians…”

The aim is to achieve a cashless society by moving the pivot towards digital currencies. The banks will continue to provide solutions and services for digital assets as well.

Recently, the legislators have been presented with various crypto bills; this shows that the state is trying to promote the growth of digital currencies.

Countries and states all over the globe have been proposing plans and implementing different methods to rise in the crypto race. The hype is that cryptocurrencies are the future and countries are doing their utmost to leap towards it. Malta has established itself as a blockchain island. This has attracted many companies on to the island and exchanges such as Binance have established offices there.