Bitcoin in California is about to get a legitimate currency

Bitcoin in California is about to get a legitimate currency

This Wednesday, the California legislature to make bitcoin (as well as many alternative value storage means) as a form of currency effective legalization efforts over an important stage of the program — as a legitimate bitcoin currency status will become law.

In June 4th, the California Senate Banking and financial institutions committee voted overwhelmingly passed the AB-129 act, the bill by Senator Roger Dickinson (Roger Dickinson) draft, is to admit that the digital currency, integral (point), (coupon) and other dollar coupon substitute legal currency. The committee vote of 7:1 means that the bill will be handed over to the Senate to consider. If passed, the bill would transfer to California governor Jerry Brown (Jerry Brown) desk, signed. In February, parliament approved the AB-129 bill was handed over to the Senate committee.

With the bill transferred to the Senate seats, bitcoin has to become California recognized legitimate currency in the direction of a step forward. The latest version of the bill, the Senate amendment in May 22 after the release, called for the complete abolition of the “California company law” section 107th, which prohibits the non legal form of companies and individuals to create money.

Before the bill to recognize bitcoin is the legal currency “revised” company law “107th California section, has added a clause, that individuals and businesses do not need to be considered a form of digital currency payment acceptance. The bill still allows bitcoin use in California for free, but the breadthofappeal opened the door for a variety of digital currency.

The bill sent to the Senate for the first time, Dickinson explained the purpose of the bill is CoinDesk: “we do not want to prevent or promote the development of alternative currency. We just want to say, we will consider the development and use of alternative currency as a legitimate and acceptable activity.”

In March, Dickinson told the CoinDesk that the bill is needed for clarification of the legal status of both the value of alternative form, does not need to modify the current law of California.

At present, the management departments believe: to ensure that the various forms of alternative currency in the purchase of goods, services or transfers would not violate the law, need to modify the current law.

Obviously, the bill will not be defined as a digital currency currency (legal tender), but it is defined as a legitimate currency acceptable for goods and services. In contrast, legal tender is a federally recognized can be used to treat the money of debt without rebuke.

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