The state of Wyoming had already exhibited its increasing interest in inviting blockchain businesses to its state by passing two bills to regulate the cryptocurrency market on 12 January 2019. Last year, San Francisco-based cryptocurrency exchange, Coinbase had also resumed business in the state after a long hiatus.
The new legislation, as reported by Forbes, has a few key features that have excited many in the cryptocurrency business. For starters, the bill offers legal status to digital currencies such as Bitcoin, recognizing peer-to-peer transactions of cryptocurrencies and thus, giving it the same status as money.
Secondly, the bill further reinforces its recognition of digital assets by authorizing banks to supervise such assets, and even taken them under custody, if needed.
The bill offers new hope for many in the cryptocurrency and blockchain industry who have been left disappointed by the lack of clarity on the government’s part. This bill, if passed, will form the framework for any future legislation that may be passed on the subject.