This is very big news. A lot of the doubters of cryptocurrency say that it has no use and, hence, has no value.
The state of Wyoming passed a bill that goes into effect March 1, 2019. It was voted upon January 31st.
For those outside the United States, I think it best to explain some things. Each state has the right to pass it's own laws. As long as they do not infringe upon those at the Federal level, there is no problem. Of course, this is not always black and white leading to battles that go to the Supreme Court. It is also where those who believe in state rights face off against the "federalists".
What this action does is open the door for other states to follow if they want. Wyoming becomes the first state to put cryptocurrency on the same level as fiat currency. This means it can be used in all payments to the state.
Cryptocurrency and blockchain are creating an interesting situation. There are a number of states that are vying to get ahead of others in adoption. They want to attract businesses into their state. Ergo, we are seeing some competition.
Wyoming is determined to jump to the head of the class. From a government perspective, this provides validation to cryptocurrency.
The other big piece is it authorizes banks to establish custodial services.
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.”
https://cointelegraph.com/news/wyoming-passes-bill-to-recognize-cryptocurrencies-as-money
Many of us are aware that if you do not have your keys, you do not own your coins. However, for mainstream adoption, until the use of cryptocurrency gets easier, it might be helpful to have this. This bill at least provides a middle ground for the time being.
Over time, I will expect more actions like this throughout the United States. It also may lay the groundwork for other countries to adopt.
Picture from article linked.
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