Latest News: Technology |  Celebrity |  Movies |  Apple |  Cars |  Business |  Sports |  TV Shows |  Geek

Trending

Filed under: News | Technology News

 

Bitcoin legalized in California

The new law revokes an old rule prohibiting the use of anything other than U.S. currency.

Jun 30 2014, 6:51am CDT | by

1 Updates
Bitcoin legalized in California
Andrew Burton/ Getty Images
 
 

YouTube Videos Comments

Full Story

Bitcoin legalized in California

Bitcoin, the controversial crypto currency, is officially legal in the state of California.

Governor Jerry Brown signed the AB 129 bill authored by Democratic Assemblyman Roger Dickinson on Saturday. Lawmakers also approved the measure on Monday, Reuters said.

The new law revokes Section 107 of California's Corporation Code which forbids companies and individuals from using money other than what the U.S. considers "lawful."

Technically, the outdated law rendered bitcoin and other virtual currencies illegal.

“In an era of evolving payment methods, from Amazon Coins to Starbucks Stars, it is impractical to ignore the growing use of cash alternatives,” Roger Dickinson said . “This bill is intended to fine-tune current law to address Californians’ payment habits in the mobile and digital fields.”

The legalization of bitcoin in California follows Mt. Gox's court approval to begin its bankruptcy proceedings in the U.S. Mt. Gox was a bitcoin exchange based in Tokyo Japan. Once a leading exchange, Mt. Gox handled 70 percent of all bitcoin transactions last year

 

iPad Air Giveaway. Win a free iPad Air.

You Might Also Like

Updates


Sponsored Update


Advertisement


More From the Web

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/21" rel="author">Gene Ryan Briones</a>
Gene Ryan Briones (Google+) is a technology journalist with a wide experience in writing about the latest trends in the technology industry, ranging from mobile technology, gadgets and robots, as well as computer hardware and software.

 

 

Comments

blog comments powered by Disqus

Latest stories

Safest Used Cars for Risk-Free Driving
Safest Used Cars for Risk-Free Driving
Among the safest used cars for risk-free driving pleasure come several varieties of vehicles. Pick one and road-test it before shelling out some greenbacks.
 
 
Kate Upton is Proud of her Curvy Body
Kate Upton is Proud of her Curvy Body
Kate Upton has revealed recently to Elle UK that she is proud of her curvy body.
 
 
Apple Starts Mass Production of only 4.7-Inch iPhone 6, Delays 5.5-Inch Model and iPads till Sep.
Apple Starts Mass Production of only 4.7-Inch iPhone 6, Delays 5.5-Inch Model and iPads till Sep.
Apple has reportedly started the mass production of 4.7-inch iPhone 6 models while 5.5-inch model, iPad Air and iPad mini will go into mass production in September 2014.
 
 
The Best and Worst Apple Rumors This Week
The Best and Worst Apple Rumors This Week
Apple is hard at work on a number of products, but we must rely on rumors
 
 
 

About the Geek Mind


Read more about The Geek Mind.