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06-25-2014, 03:02 PM #1
California’s Bill to Make Bitcoin ‘Lawful Money’ Heads to Governor
California Assembly Bill 129, a bill that would deem digital currencies ‘lawful money’ in the US state, will now head to the desk of California Governor Jerry Brown where it will require final approval to become law.
The announcement comes just weeks after AB-129 came before the California Senate Banking and Financial Institutions Committee, passing by a 7-1 vote.
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.
“In an era of evolving payment methods, from Amazon Coins to Starbucks Stars, it is impractical to ignore the growing use of cash alternatives. This bill is intended to fine-tune current law to address Californians’ payment habits in the mobile and digital fields.”
Just though I'd share since this is great news for the Cryptocurrency community. If the governor passes this for California, I think we will all see an increase of usage, and other states creating bills to pass for Bitcoins, spread throughout the US.