Bitcoin (And Other Alternative Currencies) Now Fully Legal in California

Good news of the sort that one hopes technological advances will make inevitable, out of the tech-industry-heavy state of California: Bitcoin (and other alternative currencies) are recognized by the state of California as existing and being legal to use.

As the language from bill A.B. 129 reads:

This bill makes clarifying changes to current law to ensure that various forms of alternative currency such as digital currency, points, coupons, or other objects of monetary value do not violate the law when those methods are used for the purchase of goods and services or the transmission of payments. Modern methods of payment have expanded beyond the typical cash or credit card transactions. Bitcoin, a digital currency (Also called cryptocurrency), has gained massive media attention recently as the number of businesses has expanded to accept Bitcoins for payment....

That bill was signed into law by Gov. Jerry Brown over the weekend, as reported by Reuters. From their report:

Democratic Assemblyman Roger Dickinson, the bill's author, said earlier this week the bill reflects the popularity of forms of payment already in use in California like bitcoin and that even rewards points from businesses, such as Starbucks Stars, could technically be considered illegal without an update to currency law in the nation's most populous state.

Tech Times on the bill's becoming law.

Bonus Bitcoiniana: an attempt to analyze how the markets reacted to the Feds dumping 30,000 or so of their confiscated 'coin on the market last week.

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  • Paul.||

    Something that someone invented which are ultimately encrypted bits on a computer are hereby declared legal. The regulatory state approves and we give you permission.

  • Hugh Akston||

    It is strangely heartening to see the state formally approve of something they can't possibly stop.

  • ||

    America: where the living envy the dead.

  • Paul.||

    Carry on... carry on...

    *nods at passers-by who are paying no attention*

    Carry on... carry on.

  • jdgalt||

    Think of it as a tiny step toward reducing the overcriminalization laid out in "Six Felonies a Day".

  • SusanM||

    They probably found a way to tax it.

  • Sevo||

    SusanM|6.30.14 @ 10:50PM|#
    "They probably found a way to tax it."

    Moonbeam's in office. Believe me, he found a way to use it for his choo-choo.

  • Winston||

    They probably found a way to tax it.

    Reminds me of that quote attributed to Faraday...

  • amelanchier||

    In California, everything is illegal until specifically declared legal.

  • widget||

    When they find out its better, or least less risky, to buy your bitcoins in a park from Vijay or Ming rather than Tyrone or Chuey all heck will break loose.

  • ||

    TO THE MOON! Oh this is Reason, where they promote Bitcoin but do not accept it as payment.

  • ||

    They do take bitcoin:

    OR donate via Paypal, Amazon, or use Bitcoin via Coinbase. (Note: If you chose to donate by Paypal, Amazon or Bitcoin, please email melissa.palmer@reason.org to receive any premium items).

    https://www.reason.com/donatenow/donate.php

  • mikheil||

    I Wonder How ThE Fed Feels About States Accepting Bitcoin As Legal Tender?

    And Fuck Reasons Comments. It Is Beyond Difficult To Post From Mobile. Get A Better Platform Already. At Least Disquis Works. And No I'm Not Trying To Capitalize The First Letter Of Every word.

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