Brown signed a bill on Saturday repealing a provision that ban companies or individuals from issuing money other than the “lawful money of the United States”.
Bitcoin has been in private use in California for some time, but it was technically illegal to pay for anything using the cryptocurrency.
California’s state assembly member Roger Dickinson, who wrote the bill, stressed that the number of businesses has expanded to accept Bitcoins for payment.
The bill states that various forms of alternative currency such as digital currency, coupons, points, or other objects of monetary value do not violate the law when those methods are used for the purchase of goods and services or the transmission of payments.
The bill also highlight exactly what Bitcoin is, how it works and how transactions occur, and lists some of the largest digital currencies that are in use.
June 30, 2014 at 03:11AM
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