Cryptocurrencies are going to become used just as fiat money, but how and when will it happen?

Lebedev

Lebedev

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Jun 26, 2018
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United States considered to be the world most powerful economic player, so it can affect the crypto industry a lot. US is the country that defines what will happen to such a young but very ambitious and perspective technology, because of this all are.sitting at the edge of their sits waiting for the next actions of the government.

For the last few years one of the most important questions is the problem of cryptocurrencies regulation - lots of people might have heard of SEC's attitude towards coins. And all of commission decision have been affecting bitcoin price and other digital actives.

Cryptocurrencies are going to become used just as fiat money, but how and when will it happen?

Despite all the discussions and conferences crypto industry isn't still recognized in the United States - the situation might be a bit different in different states, but the industry has no status neither in federal nor in local laws.

In the nearest time, however, this situation can change - because of what the Wyoming's government is planning to do. Senate of the western state has recently submitted a bill which is aimed to make cryptocurrencies and fiat money we all are used to absolutely equal.

How the official authority website says “Digital assets-existing law” (SF0125) law was proposed on 18 January and begin the consideration phase on 22. Its author is one of the state senators Tara Nethercott who is also a co-author of other 8 laws already passed.

The document offers to divide all the digital assets into three groups: digital consumer assets, digital equity and virtual currencies. Each category has a detailed description.


Digital Customer Asset

It is considered to be a digital asset that is aimed and mostly used for customer, personal or household purposes:
  • Tokens created on transparent blockchain which in fact are intangible private property
  • Any other digital asset that are not defined in “digital equity” or “virtual currencies” paragraphes

Digital Equity

The law informs us that digital equity is a contract, transaction or agreement where an individual invests in a facility counting on getting some profit as a result of work of founders or third party. Also this doesn't include other assets that are considered to be security due to the Wyoming law.


Virtual Currency

It is a digital asset which is:
  • Used as a payment method, unit of account or a way of saving and
  • Isn't recognized as an official currency by the US government

Itself such a classification isn't new at all but because of the fact it is aimed at cryptocurrencies it offer them to be now officially recognized by the US government and has an official status, what is going to be a good beginning for their future development.
 
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