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California Legalizes Bitcoin as an Alternative Currency

Use of the digital currency is spreading among retailers

On Saturday, bitcoin became a legal currency in the Golden State.

bitcoinsBitcoin gained legal status in California after Governor Jerry Brown signed into law legislation that repealed a prohibition on the use of any currency other than that issued by the U.S. government. The older law was not usually enforced against bitcoin, but state lawmakers introduced a bill this year to removed outdated restrictions on new currencies, ZDNet notes.

“This bill is intended to fine-tune current law to address Californians’ payment habits in the mobile and digital fields,” said California assemblyman, Roger Dickinson in a previous statement. Dickinson introduced bill AB-129, which cleared the state senate earlier this month.

While bitcoin has gained support among a growing number of retailers and has not been opposed by U.S. regulators, it has been effectively banned in China.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/06/california-legalizes-bitcoin-alternative-currency/.

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