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The legislation repeals what backers said was an outdated California law prohibiting commerce using anything but U.S. currency.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
New York Joins Flow of States Making Tampons Tax-Free5 days ago
The Week in Public Finance: Hot Munis, Cooling Off Creditors and Warming Up to Facebook5 days ago
Washington Superintendent Sues 7 School Districts and the State1 week ago
Pennsylvania Hikes Cigarette Tax But Stays Last-Standing State With Tax-Free Cigars1 week ago
Is Kurt Summers the Future of Chicago Politics?1 week ago
Chicago's 2016 Olympics Bid Leaves Pricey Legacy 7 Years Later1 week ago