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Bitcoin as a Legal Currency in Currency Bill is Off to Governor Brown for Signing

Posted on the 27 June 2014 by Worldwide @thedomains


The bill looking to make Bitcoin a legal currency in California is now going to the Governor

Mike Shedlock and investment adviser with Sitka Pacific Capital Management, covered the bill on his blog.

From the article:

California Bill AB-129 Lawful Money passed the California Senate on June 19, and the Assembly on June 23. The bill now awaits signing by Governor Jerry Brown.

Existing law prohibits a corporation, flexible purpose corporation, association, or individual from issuing or putting in circulation, as money, anything but the lawful money of the United States. AB-129 would repeal that provision.

Coindesk reports California’s Bill to Make Bitcoin ‘Lawful Money’ Heads to Governor.

AB-129, authored by Assembly Member Roger Dickinson, would recognize digital currencies – along with a host of other commonly-issued forms of value including points and coupons – as lawful alternatives to the US dollar. The state-backed currency would still have legal superiority, as Californian residents are not required to accept forms of lawful money.

Dickinson recently commented that the law is primarily designed to allow California consumers the ability to continue using a variety of common payment methods, and to remove penalties currently on the books for their usage.

Read the full story here

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