Bitcoin is now legal to use for making purchases in California after Gov. Jerry Brown signed a law that repeals the previous restriction on any currency that isn’t “the lawful money of the United States.” It’s certainly fitting that California, home of Silicon Valley and the seat of the U.S. technology industry, is the first state to recognize digital currencies as legal tender.
California Gov. Jerry Brown signed a law that legalizes digital currencies like bitcoin. California lawmakers said it’s “impractical to ignore the growing use of cash alternatives.” Assemblyman Roger Dickinson wrote the bill and said it is intended “to fine-tune current law to address Californians’ payment habits in the mobile and digital fields.
These currencies had been banned in the state for some time, but this prohibition was overturned by those that believed a ban on digital currencies was outdated. The growing popularity of mobile commerce played a role in attracting support to the legislation, highlighting the fact that the way people are shopping for and purchasing products is beginning to change significantly.
News on Bitcoin Legalization in California
The new legislation could go a long way in improving the state’s relationship with digital currency. One of the reasons that these currencies are not well received currently has to do with their volatility. Organizations like the Bitcoin Foundation work to promote standards and best practices when it comes to these currencies.
However, these organizations are often targeted by state agencies that enforce laws meant to prohibit the use of Bitcoin. Last week’s new law is interesting because it comes about a year after California threatened to fine the Bitcoin Foundation if it continued to trade there. Over the last couple of years, lawmakers in multiple countries have seen the need to address the issue of bitcoin and other digital currencies.
News on Bitcoin Legalization in California News Video
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News on Bitcoin Legalization Financial News
The legalization of Bitcoin in California is a great news for Bitcoin supporters. Bitcoin has seen an increase in usage in the last few years and with proper laws, Bitcoin would start getting recognized as an alternate money type.
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