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The legislation repeals what backers said was an outdated California law prohibiting commerce using anything but U.S. currency.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
Illinois Budget Crisis Means Lottery Winners Have to Wait for Payout1 day ago
The Week in Public Finance: Blame the Market, New Jersey Love and a Win in Wayne County2 days ago
What Happens When You Start Taxing Muni Bonds?2 days ago
The Alaska Governor's Odd Request for Obama2 days ago
After Ferguson, States Struggle to Limit Crippling Court Debt3 days ago
Michigan Fails to Fund Roads, Again5 days ago
More from Finance
Didn't find what you were looking for? Search our archives, or subscribe to one of our e-newsletters, and we'll bring the news to you!