AB 129 - California Legally Approves the Use of Bitcoin
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....
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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....
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....
Being a child of the early 80's, I was there for the advent of the video game arcade era. Long before there was Metal Gear Solid and Halo, there was Pacman, Dig Dug and Donkey Kong. That was how a multi-billion dollar international business began. Think of the current console-based/online/mobile games as Video Gaming 2.0. Now, Video Gaming 3.0 may have just begun, in Bakersfield, California. This newest version is being driven by the world of digital currency arcades. Is this Digital Currency Gaming or Gambling? You may have seen these machines before in your local gas station. They look....
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 New York State Department of Financial Services, the Bitlicense regulator, has authorized GMO to issue U.S. dollar and Japanese yen-pegged stablecoins. The latter “will be the first of its kind available to the public.” To date, the regulator has given out 27 charters and licenses for companies engaged in crypto activities. First Regulated Yen Stablecoin Approved in NY The New York State Department of Financial Services (DFS) has granted a charter under New York Banking Law to GMO-z.com Trust Company Inc., a subsidiary of the Japanese giant GMO Internet. This enables the....