2018’s bearish trends have been keeping more and more potential investors away from cryptos, especially after the massive market fall at the end of the year.
Crypto experts have been saying that 2019 will be the year of Bitcoin adoption.
There are various moves that are being made in the crypto space to support this claim more and more with each passing day.
Wyoming sets a vital precedent for crypto
Wyoming seems to be on its way of setting what will probably be the most important milestone in the crypto space.
The state might set a precedent on its way to getting closer to recognizing crypto as fiat money.
The new bill that would make this possible has been presented back on January 18, and it eventually passed a couple of days ago on January 31st.
According to this new bill, the state will begin recognizing crypto under the same regulations and attributes of fiat money.
According to Ethereumworldnews, this highly crucial new bill states that “crypto assets will fall into one of three categories moving forward: digital consumer assets, digital securities, and virtual currencies.”
The online publication continues and says that “Despite the semantic discrepancy, all three of the categories have been defined by the state as “intangible personal property,” effectively putting cryptocurrency on the same platform as the United States dollar and other forms of fiat.”
The bill brings implications for banks
This bill also comes with enormous consequences for banks. It seems that they will have to provide custodial services for cryptos within 60 days since the law goes into effect.
This will happen on March 1st.