California lawmakers pass bill to update currency law

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California lawmakers pass bill to update currency law

Image: GetToKnowBitcoin
Bitcoin is now a legal form of payment within the state of California thanks to a new bill signed into law yesterday by Governor Jerry Brown.“This bill is intended to fine-tune current law to address Californians’ payment habits in the mobile and digital fields,” said the bill’s author, Democratic Assemblyman Roger Dickinson in a press release.

 

He cited the popularity of Bitcoin, and said even gift cards and reward points from retailers could be considered illegal under the current law.
“In an era of evolving payment methods, from Amazon coins to Starbucks Stars, it is impractical to ignore the growing use of cash alternatives,” Dickinson said.
It may seem a little strange that Bitcoin wasn’t already legal within the state — considering how large a role Silicon Valley played in both legitimizing and showing the business potential of all crypto-currencies. Also, Bitcoin was already being used by a number of businesses in the state as well as Bitcoin ATMs.
The bill itself actually repealed an older state law that prohibited the use of any currency other than the U.S. dollar. With the repeal in place, Californians are now free to use Bitcoin, other crypto-currencies, and even rewards points from loyalty programs.

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