US acceptance of cryptocurrencies moved a step closer in the last few days, as two states approved bills to push adoption of digital assets, illustrating growing acceptance of the asset class in the country.
Bill 62 Keeps on Trucking
On Thursday, Wyoming passed by 28-1 a bill that recognizes cryptocurrencies as legal property. The bill, put forward in January under title Bill 62, subjects digital assets to some of the same rules as those governing fiat currency and splits them into three categories – digital consumer assets, digital securities, and virtual currencies. Assets that fall into one of these three categories will be deemed “intangible personal property” and will be afforded the same attributes and governed by the same regulations as fiat money.
The bill also authorizes banks to hold customer’s digital assets, should any wish to embark on offering custodial services. The next step for Bill 62 is the Wyoming House of Representatives where, should it be passed, it will take effect March 1.
8 FOR 8 in #Wyoming! The stock certificate token bill just passed the House 57-1, so all 8 bills are thru originating chamber & ready to cross to other chamber next week. Still a ways to go before they become law but we have nice momentum! Thx @JaredSOlsen! @lex_node @ConsenSys pic.twitter.com/b5iPp1hp2S
— Caitlin Long ? (@CaitlinLong_) February 1, 2019
New Hampshire Opens the Door for Bitcoin Tax Payments
Last week, the New Hampshire Subcommittee approved HB 470, known as the ‘Bitcoin for taxes’ bill that, unsurprisingly, would allow residents to pay state taxes in Bitcoin. Proposed last month, this bill needs a bit more work than the Wyoming bill, in that it needs to clear a number of hurdles, with the next being the state treasurer:
The state treasurer, in consultation with the commissioner of the department of revenue administration and the commissioner of the department of administrative services, shall develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020.
Should the state treasurer approve the bill, he must then submit the roadmap to the Governor, the Speaker of the House of Representatives, the Senate President, the House Clerk, the Senate Clerk, and the offices of the State Library. If the bill finally gets the nod, work will be started to find an appropriate payment processor in time for the 2020 launch.
Setting the Standard
Wyoming and New Hampshire are among the small clutch of states that are taking steps to proactively increase exposure to cryptocurrencies and integrate them with everyday life, with Ohio being another pioneer. It is hoped that other states follow the example set by these trailblazing states and allow crypto to become as commonly used as fiat currencies.