California Approves Bitcoin for Transactions
California has now become "Crypto-rnia". The state's governor Jerry Brown has approved bitcoin for transactions, thus making California a sturdy haven for digital currency. The news comes following the ratification of a new finance bill originally approved in the summer of 2014. The bill's objective was to end all prohibitions on alternatives to U. S. dollars for commerce in the state. Through the bill's official ratification, alternate currencies (including bitcoin and related virtual monies) are hereby permitted for transactions at the legislative level. Prior, only USD was recognized as....
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California has become the first state in the union to legally approve the use of Bitcoin. This is a welcome move, and we can only hope that, to paraphrase Jimmy Carter, laws like AB129 will have the inclination to spread. AB 129 repeals Section 107 of the California Corporations Code, which prohibited any corporation, association or individual from putting in circulation as money, anything but the lawful money of the United States. The new law, therefore, paves the way for, and pre-empts the possibility of anyone construing Section 107 as prohibiting the use of, Bitcoin in the state of....
Bitcoin can be accepted and used for transactions in the US state of California as of yesterday, following the ratification of a new finance bill. Previously, only US Dollars were officially recognized, but the new bill allows for the use of other national and digital currencies. Among a raft of new legislation coming into force for 2015 in California is the bill AB129 passed by Governor Jerry Brown in mid-2014. Aimed at ending a prohibition against using any alternative to US dollars for commerce in the state, the bill recognizes and permits the use of alternate currencies for....
The French council of ministers has approved a series of new measures to combat the anonymity of cryptocurrency transactions. Anonymous accounts are banned at crypto exchanges which must now impose stricter know-your-customer requirements. France’s Finance Minister Bruno Le Maire says the changes are necessary to fight against terrorism financing. France Tightens Crypto Surveillance France’s Council of Ministers endorsed an ordinance containing a series of measures to tighten the surveillance of cryptocurrency activities last week. The ordinance, which will enter into force in....
The California Department of Business Oversight (DBO) has released a statement denying that Coinbase's new exchange is licensed to operate in the state under existing money transmission laws. In a press release, the state's financial services and money transmitters regulator called unnamed press reports that have stated that Coinbase had received regulatory approval to operate its exchange in California mistaken. In its statement, the agency said it was seeking to "correct erroneous reports that Coinbase Exchange has received regulatory approval from the State". DBO Commissioner Jan Lynn....
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....