California Governor Grants Bitcoin 'Legal Money' Status (June 29, 2014)

The Support Team -

(@pete_rizzo_) | Published on June 29, 2014 at 14:20 GMT
 
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The 39th Governor of California Jerry Brown has officially signed Assembly Bill 129, the measure that sought to grant bitcoin and other digital currencies 'legal money' status, into law, Reuters reports.

The news comes just weeks after the approval of the final amended version of the bill earlier this monththrough key votes in both the California Assembly and Senate.

AB-129, which first received approval in the California Assembly earlier this February, sought to update a California law under which alternative forms of value such as rewards points, coupons and digital currencies were technically being used in violation of the law.

Though digital currencies were not targeted for violating the law, such rules could have been used to stem the technology's growth in the area that is home to 40% of all bitcoin jobs in the US.

However, as noted by Roger Dickinson, the California assembly member who introduced the bill, AB-129 does not regulate bitcoin in California, a matter that will be left up to other authorities.

In an interview with CoinDesk in March, Dickinson summed up the intent of the bill, saying:

"We’re trying to say that to the extent that alternative currencies are developed and in use, we will consider that to be a legally acceptable activity in California."

With AB-129 now law, California bitcoin enthusiasts will need to wait for a forthcoming decision from the California Department of Business Oversight (DBO), which issued a warning on digital currencies in April.

For more on how that agency will play a role in deciding the future of bitcoin in California, read our full interview with Dickinson.

Source: http://www.coindesk.com/california-governor-grants-bitcoin-legal-money-status/

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