California Legalizes Bitcoin
California Governor Jerry Brown on Saturday signed into law a bill that clears away possible state-level obstacles to alternative currencies such as bitcoin.
The legislation repeals what backers said was an outdated California law prohibiting commerce using anything but U.S. currency.
Democratic Assemblyman Roger Dickinson, the bill's author, said earlier this week the bill reflects the popularity of forms of payment already in use in California like bitcoin and that even rewards points from businesses, such as Starbucks Stars, could technically be considered illegal without an update to currency law in the nation's most populous state.
California lawmakers approved the measure on Monday, just days after the failed Tokyo-based bitcoin exchange Mt. Gox received court approval to begin bankruptcy proceedings in the United States as it awaits approval of a settlement with U.S. customers and a sale of its business.
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
LATEST FINANCE HEADLINES
Budget Standoff Sends Alaska Legislature Into Overtime18 hours ago
The Week in Public Finance: Money, Pink Floyd and State Revenues3 days ago
How Cities Lose Millions in Federal Funds4 days ago
What Not to Do When Asking Voters to Increase Their Taxes5 days ago
Chris Christie Avoids $152,000 in Taxes6 days ago
States Looking to Increase Taxes on the Rich by Eliminating Special Deduction Rules1 week ago