Lawmakers in California Pass Bill That Updates Currency Law, Makes it Simpler to Use Bitcoin
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 That's according to CNBC, who adds that the bill will effectively repeal what is considered to be an outdated law that bans business be done with anything other than the United States dollar.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....
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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,....
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,....
California may have a wealth of tech-savvy entrepreneurs anxious to create new businesses. But the state's lawmakers aren't doing them any favors as they move forward on a virtual currency license that saddles businesses with fees, paperwork and uncertainties. Businesses would have to pay a non-refundable fee of $5,000 just to apply for the license from the Commissioner of Business Oversight. Which makes one wonder about the bill's real intent. The Golden State's lawmakers aren't taking any time to study the ramifications of New York's recently-released Bitlicense before requiring their....
The highly controversial California AB 1326, often referred to as “California’s BitLicense” has failed to pass in the Legislature. The bill, which would require Bitcoin many Bitcoin businesses operating in California to apply for a state-issued License, failed to pass before the September 11 deadline. The strict nature of the bill has led the Bitcoin community to compare it to New York’s BitLicense, which has forced many Bitcoin businesses to cut off their services to New York. The California Bitcoin bill garnered large amounts of criticism from the Bitcoin community, as well as....
The state of California has officially ceased further plans to adopt cryptocurrency legislation this year. The lawmakers attempting to create their own form of the New York BitLicense with Bill AB-1326. The legislation will remain untouched until next year, when authorities may revisit the Bill and try to introduce it again. California Lawmakers Stop....