Monday, February 24, 2014

Bitcoin Declared Lawful Money in California

Link

The California State Assembly has unanimously passed measure AB 129 declaring Bitcoin and other cryptocurrencies as “lawful money.” Bitcoin and other cryptocurrencies like Dogecoin, Ripple, and Peercoin have gained popularity over the past year [..].

It only makes sense that the California State Assembly would declare Bitcoin as lawful money. Many of California technology giants in Silicon Valley have been developing infrastructure that would support the use of Bitcoin and other cryptocurrencies. The use of Bitcoin could potentially help to facilitate transactions across California and the rest of the world – California itself has the twelfth largest economy in the world. In 2013, California’s Gross State Product was $2.08 trillion – matching that of Russia, Italy and India.