Cryptocurrency Will Be Recognised As Real Money On January 31

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A crypto winter is still on. But despite the 14 months-long bear market, things are still happening in the crypto-sphere around the world.

According to a Wyoming state legislature website, the state passed a bill that will allow for cryptocurrency to be recognised as money starting January 31. The bill was originally presented on the 18th January and it aimed at helping with the classification of various cryptocurrencies.

Three cryptocurrency categories were listed:

Digital consumer asset – “a digital asset that is used or bought primarily for consumptive, personal or household purposes”

Digital security – “a digital asset which constitutes a contract, transaction or arrangement where a person invests money in a common enterprise and is led to expect profits from the efforts of a promoter or a third party, and does not include any other asset within the meaning of security under W.S. 34.1‑8‑102(a)(xv)”

Virtual currency – “a digital asset that is used as a medium of exchange, unit of account or store of value and not recognized as legal tender by the United States government”

Any digital assets that that are within any of the three categories, will be considered an intangible personal property, therefore granting them the same treatment as fiat money.

 

Images by Shutterstock.com

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