New Wyoming Bill Will Treat Cryptocurrency as Money
By Block Society
Wyoming Bill Paves Way for Digital Assets to be Treated as Money
Wyoming passed the Digital Assets-Existing Law on January 31, 2019, which defines digital currency as money. The bill allows cryptocurrency to be treated with the same legal implications as fiat currency, which will help foster much needed regulation and oversight of digital assets.
The bill will bring necessary revisions to current laws and help encourage mass adoption of virtual currency to progress with the surety that it will be given the same standing as traditional forms of money.
The implications of treating cryptocurrency as money, versus the current IRS categorization of digital assets as intangible property, will help motivate other states to follow suit. When states redefine their laws to appropriately treat digital currency as money instead of property, the IRS will likely transition its policy to conform with state policies.
The change in Wyoming law to define cryptocurrency as money will help virtual currency investments to be treated in the same manner as FOREX markets. With profits deriving from the volatility in cryptocurrency markets, revisions of law to treat digital asset as a form of money will only benefit investors.