Categories: Bitcoin Politics

Bitcoin Gets Approval from California Governor

Click here to view original web page at www.forexminute.com

The governor of the US state of California has approved Bitcoin; thus, the digital currency can now be accepted and used for transactions in the US state. This has been made possible by the ratification of a new finance bill which has made it possible for users to pay in Bitcoin. Earlier, only US Dollars were officially recognized.

However, now that the new bill allows for the use of other national and digital currencies, Bitcoin users in the state of California consider it a progressive step. According to the local reports among several new legislation coming into force for 2015 in California, the bill AB129 passed by Governor Jerry Brown in mid-2014 is one important one.

The bill according to the local media aims at ending a prohibition against using any alternative to US dollars for commerce in the state. Nonetheless, the bill also recognizes and permits the use of alternate currencies for transactions; thus, there is ample scope for digital currencies such as Bitcoin, Litecoin and others that have come up in the last couple of years.

California is Bitcoin-friendly States in the US

Though there are not many restrictions in the US on Bitcoin, the state of California has emerged as a Bitcoin-friendly state in the nation. This newly accepting stance makes it one of the more Bitcoin friendly states in a country where political opinion about the rise of digital currencies is heavily polarized; particularly, when New York is trying to regulate it.

According to some observers the decision by the state has not surprised them as California has long been one of the new technology centers of the US. Therefore, it is perhaps unsurprising that state of California is making headlines about leading the charge of Bitcoin acceptance in the country. This according to them was on the way and was just a matter of time.

Nonetheless, the Silicon Valley area boasts 32 venture-capital-backed Bitcoin companies, more than the rest of the country put together. In fact, state residents topped the chart for Googling “Bitcoin” more than any other state in 2014. Thus, the place where Bitcoin gained traction the most is California and legislators are just respecting the popular sentiment.

The local businesses that have embraced Bitcoin admit that as it has now been given the status of “legal money” a lot of new businesses and outlets will be encouraged to accept it. This will further encourage people to know about Bitcoin and its potential. It may soon emerge as a right alternative for dollar as well.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

However, now that the new bill allows for the use of other national and digital currencies, […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Authorities Bust Illegal Crypto-Mining Lab In Nuclear Power Plant

Ukrainian news media is reporting that last month an illegal cryptocurrency mining operation was discovered and confiscated on the site… Read More

6 hours ago

Why Mark Carney Thinks The Dollar Can No Longer Be The World’s Reserve Currency

While Jerome Powell's highly anticipated Jackson Hole speech was, in the words of Brean Capital's Russ Certo "underwhelming and anti-climatic",… Read More

6 hours ago

Bitcoin Transactions Lead to International Drug Trafficking Ring’s Arrests

Criminals often express their favoritism toward cryptocurrencies. The perceived privacy and anonymity associated with this payment method makes for an… Read More

6 hours ago

Initiative to Curtail Negative Interest Rates Gains Traction in Germany

Negative interest rates, a common occurrence in Europe these days, are unpleasant for both banks and clients. And financial institutions… Read More

6 hours ago

Analyst Says Bitcoin Is About to Seriously Impress Us

As of late, bitcoin – the granddaddy of all crypto – is once again experiencing small bursts of bearish behavior.… Read More

6 hours ago

Gloomy Stock Market Faces New China Taunt: We’ll Get ‘Last Laugh’

A gloomy stock market must wrestle with China's latest taunt, in which it warned it would "fight to the end"… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More