Topic: Wyoming Senate passes bill recognizing Bitcoin and other crypto as money (Read 211 times)

This is just the beginning of good things to come in our crypto world. Those who think we are wasting our time should keep sitting to watch us move our way into future financial stability.

Really glad to see states taking their own initiatives to support the ecosystem properly.

ETF and Future markets are exactly what all us holders are waiting for!

America is divided by its stance on crypto but I' glad that some of states like Wyoming recognized its potential and use. I really hope that they will also soften their stance about approving ETF's and futures market too.

I am wondering which is the next state to pass this law like Wyoming.
Possibly one of the other 6 states that dont have Income Taxes:

Alaska
Florida
Nevada
South Dakota
Texas
Washington
Wyoming.

The article you have just been shared is worth a read. This is a good news to all bitcoiners at last a city has already acknowledging the use of bitcoin as money and it would means as an option in payment. It may be dangerous or risky to all who will involve in bitcoin but at least in this current state we can sense that we could expect high volatility on bitcoin market price which is a positive indicator to a good system in the likes of bitcoin or other crypto.

Don't mess with the IRS

If I'm not mistaken, crypto is considered commodities by the CFTC for trading purposes, and it is expected you pay taxes on capital gains which you realize when you sell a cryptocurrency for profit. But as I suspect, it is not much different from capital gains that you make through currency exchange operations on respective exchanges or Forex. So I don't think there is actually a need to change the tax code for cryptocurrencies in general

More interesting is are they willing to change the Tax legislation, because now in US cryto currencies are assets and US customer are owning taxes on every exchange, even when it's crypto-to-crypto like BTC/ETH. Someday many people will have huge troubles with IRS.

Let's hope that other States will follow the tendency. This could lead to new crypto boom.

I don't really think the American constitution says anything on this matter

But since I didn't read it, that remains to be seen. Perhaps, someone more familiar with it could chime in on this? With that said, we should keep in mind that when it was written, there was no Central Bank in America as we know it today (the Fed) or as it had been when it first appeared (in the first quarter of the 19th century, if I'm not mistaken). Gold was money back in the day (with the dollar representing it and backed up by it), so, ironically, with more States accepting Bitcoin as legal tender we may be back to the roots in a sense

We will see something better in the future with that news. Finally, bitcoin and another coin can recognize as the money so people can know and use the crypto. If it succeeds, the other city or country will follow too and soon, cryptocurrency will be the next money in the digital era, and we will see cryptocurrency will booming among the people. The chance of cryptocurrency for using as the money will be wide open, and we are ready to use cryptocurrency because we are early adopters of cryptocurrency.

This is a huge leap and even came as a surprise to me the way the US government constitution is so structured that a sensitive matter as currency could be within the purview of States that they are allowed to legislate on the type of currency to be used within their own jurisdiction. I doubt if any country that practice any form Federalism would give any such of freedom.

Of course this is a significant leap both in the short term and long-term part of it. However, its not enough to go by and start some crazy speculative moves in other to make make some imaginary profit at the end of the day. Until, when its eventually signed and implementation phase comes in, we might not see the direct benefit of this move any time soon.

I'm not from Wyoming but looks like each state starts to recognize bitcoin as money.

It may not bring full adoption and large as what others are expecting but everything starts with recognition. I'm not fully aware of what's happening or what's with Wyoming but each news like this should give positivity and confidence to the community.

I wonder what will be the next state to declare same recognition?

This is very good news, i like this line,
that recognizes cryptocurrency as money and affords it the same status as other legal tenders.
This goes a step further than accepting it a a payment system
or recognising the technology.

Well, technically, it is not quite so

From what I read about Ohio's cryptocurrency policy, you can pay your taxes with Bitcoin but that doesn't mean they actually accept bitcoins. As I described the whole process above, you do pay with bitcoins, but these bitcoins are converted to dollars by the payments processing company, in this case BitPay. So it looks like you can't say that they literally accept Bitcoin as they still accept only the American dollar as before

Since most of the states are treating bitcoin and other crypto as assets and commodities, perhaps you can say that this bill is passed in relation to avoiding tax, but then again this might not be the reason at all. Wyoming is one of the most boring, perhaps 'nonexistent' on some people from other parts of the world but it's a start nonetheless. While not much data can be obtained from this move from the people of Wyoming, we still can see the real world effects of using bitcoin and crypto on real world scenarios.

The good part is bitcoin is considered as "money" and not commodity like gold and silver. Most places that accept bitcoin recently all made it look like its a commodity and not money itself however bitcoin is in fact a money. Just like dollar and euro, bitcoin is a currency. However, what wonders me is that Wyoming claiming the "foremost proponent of the cryptocurrency" and so forth, Ohio is literally accepting bitcoin tax payments made with bitcoin and it was done couple months ago.

Not only they accept it as a currency they also accept it to be paid back to government. Its on state level but a state has bitcoin because their residents paid taxes in bitcoin, that is as further as it goes and Wyoming can not claim to be a bigger supporter since all they did was just see it as money.

There will be two effects of known bitcoin as a currency, first this will have a good impact on the price of bitcoin itself because there will be a lot of demand for bitcoin while the number of bitcoin is limited, besides that financial transactions will be easier and more efficient without bank regulations requiring more a lot of costs, and the negative impact is for people who have not been able to adjust to bitcoin or in areas that have not been reached by the internet they will certainly have difficulty if they want to use bitcoin.

I think so. Although much effort is made, it is not possible to oppose them. I have even heard that some countries let pass unchallenged drug dealers and that money is a big part of the state's earnings. Who do you think we should believe now? I prefer Bitcoin instead of paper money with no supply and no known how they use.

However, lucky residents of Wyoming. Recognizing cryptocurrency money is the thing that we all waited for. I hope different countries will follow this example, at least with time.

I don't know as I'm not the US citizen

But I know that Wyoming is not the first state to recognize crypto as legal tender for state taxes. If I'm not mistaken, Ohio had been the first US state to allow taxes to be paid with Bitcoin in the last year. There you can pay local taxes directly in Bitcoin. The tax payments are processed by BitPay, which converts bitcoins to US dollars and sends them to the local treasury (this is how it works in practice if you are curious)

Wyoming is the most boring of all states. I'm glad they will adopt crypto.


Wow,this is a pretty weird theory.What if you deposit fiat money in a bank that is involved into money laundering?Does that make you a money laundere as well?
We can't fight with the stupidity of all government clerks.

This is actually very good news, because a lot of merchants were hesitant to accept Crypto currency as payment, because the majority of the states in the US has regarded the technology as a commodity and not a currency. 

We saw how this same decision has made Japan one of the most successful Crypto currency nations out there and I think this will draw a lot of innovation and new jobs and tourism to Wyoming now. 

Isn't Wyoming filed with dodgy (yet legal) LLCs and other stuff by people that just want to basically avoid taxes. I wonder if it's related that Wyoming does this of all States. Anyway I haven't read the small details.

What we really need to know is how a government deals with bitcoin in terms of fungibility. For instance, you make a deposit on an exchange and some of the utxo's have on its history something related to criminal activity.. then it enters the exchange and gets mixed with everyone's else coins... so does everyone that ends up with some of these coins on their transaction history marked as a drug dealer or whatnot? We need laws that make this clear. It would be insane if that was the case since fungibility wouldn't be respected.

Will this set a precedence for other States as well to recognized bitcoin and the rest of the crypto?

We need more friendly and supportive legislature and I'm sure this is a welcoming news for those who lived in Wyoming. 28-1? Who's the lone anti-crypto? Lol. So let's see how it goes, we might not feel the effects, but in the long run I hope that other States will follow as well.

"The bill also recognizes digital assets as legal property and authorizes banks to supervise and hold them in custody in trust funds."

I'm not sure about this though, crypto and banks?

Does anybody live is Wyoming, USA?  I wonder how this will effect other states to adopt.

https://ambcrypto.com/wyoming-senate-passes-bill-recognizing-bitcoin-btc-and-other-cryptocurrencies-as-money/


In a welcome development for Bitcoin investors and cryptocurrency enthusiasts around the world, the Senate of the U.S State of Wyoming has passed a bill that recognizes cryptocurrency as money and affords it the same status as other legal tenders. With the passage of the bill, Wyoming has reinforced its position as the foremost proponent of the cryptocurrency market and its associated blockchain technology in the United States.

The bill, which was introduced on the 18th of January in the Senate, was passed by a vote of 28-1. Not only is it notable for accepting cryptocurrency on the same lines as fiat money but, it also provides a rare legal clarity to the filed by classifying crypto assets into three namely, digital consumer assets, digital securities and virtual currencies. The bill also recognizes digital assets as legal property and authorizes banks to supervise and hold them in custody in trust funds.


The website for the State of Wyoming’s legislature has suggested that the bill is likely to go into effect from the 1st of March, even though the Bill is presently on its way to the House for debate. Banks will have 60 days following 1 March to provide custodial services for such crypto-assets, according to the bill.

The passage of the bill is another step towards realizing Wyoming 1st District’s Senator Ogden Driskill’s goal to make Wyoming the “Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.” Over and above, the two bills related to blockchain the Wyoming Senate have already passed.

The development is also good news for financial services such as Coinbase, Fidelity and Bakkt that are now free to operate in the state without the risk of incurring any legal cost. Coinbase had in fact, only recently re-started its operations in the State after a brief hiatus owing to the lack of legal clarity jeopardizing their operations.