Digital Currencies Could Be Legal in California With Passage of AB-129 Bill
Updates: This page indicates the last action was on Feb. 6, so there seems to be some confusion with regard to the passage of this. Editing title to reflect this. You can check the Examiner story that was sourced here. Working to get more info. Updates: See this link. Not terribly long ago, we wrote about a bill that aimed to make alternative currencies in the State of California legal through the amendment of Section 107 of the Corporations Code. Bill primer: This bill makes clarifying changes to current law to ensure that various forms of alternative currency such as digital currency,....
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The California Senate Banking and Financial Institutions Committee indicates that AB 129 is now roughly halfway through the process to become law. Due to its position as a hotbed for technological innovation, California has thus far adopted a friendly stance toward its emerging bitcoin and virtual currency communities. This attitude of encouragement, while noticeable in its vibrant startup scene, has been best displayed in the actions of its government, which this September revised net worth requirements for state money transmitters with the passage of Assembly Bill 786. Now, following a....
The 39th Governor of California Jerry Brown has officially signed Assembly Bill 129, the measure that sought to grant bitcoin and other digital currencies 'legal money' status, into law, Reuters reports. The news comes just weeks after the approval of the final amended version of the bill earlier this month through key votes in both the California Assembly and Senate. AB-129, which first received approval in the California Assembly earlier this February, sought to update a California law under which alternative forms of value such as rewards points, coupons and digital currencies were....
In the world of digital currency, misinformation spreads quickly, and there may be no greater recent example of this than California Assembly Bill 129, a piece of proposed legislation that has been heralded somewhat incorrectly as an already successful move by the state to "legalize cryptocurrencies". Though, the bill would recognize digital currencies as "lawful money", it would also ensure the legal footing of additional forms of legal tender such as points and coupons, and is currently only halfway to becoming law. Regardless, many in the digital currency community have high hopes that....
California residents: some good news for you this Tuesday morning. It would appear that lawmakers in California have approved a specific measure that would make the use of bitcoin and other alternative currencies simpler in the Golden State. That's according to CNBC, who adds that the bill will effectively repeal what is considered to be an outdated law that bans business be done with anything other than the United States dollar. "This bill is intended to fine-tune current law to address Californians' payment habits in the mobile and digital fields," said the bill's author, Roger....
We've been discussing a bill that's been making its rounds through the legal system in California, and as of this weekend, it's been signed into law by Governor Jerry Brown just days after the news that lawmakers in the Golden State had passed it. That bill [also referred to as AB-129]- as we've discussed previously - effectively makes it simpler for state residents to use alternative currencies by nullifying an old bill that deemed anything but the use of the United States dollar as legal. These alternative currencies include but are not limited to Starbucks Stars, Amazon Coins, and yes,....