Despite having being around for a number of years, Bitcoin has only really come into mainstream vocabulary within the last 12 months. Whereas in the past Bitcoin, and other so-called ‘crypto-currencies’ were the domain of anarchists, hackers, and drug dealers, now they are being used and traded by an ever-growing user base of everyday people.
This in turn has posed a huge regulatory problem for governments, who must decide whether to encourage, permit, or outright ban bitcoin trading. Some countries such as China have seen bitcoin as a threat to their sovereignty while others are setting themselves up to become bitcoin trading hubs.
In the past, California, home to many of the worlds largest tech companies, and the important Silicon Valley start up scene, had taken a harsh view of Bitcoin, outlawing trading in it completely. Now however a new decision by the California State Government is set to change all that.
Bill AB129 effectively legalizes the trade of Bitcoin
Bill AB129 was signed into effect by governor Jerry Brown last friday, effectively legalizing the trade of Bitcoin, Dogecoin, and other cryptocurrencies. The new law can be seen as a repeal of the earlier law which stated that only U.S. currency is allowed for commercial trade within California.
While a single government decision is not enough to solidify the position of Bitcoin as an alternative form of online payment, it does show that slowly governments are waking up the potential of the currency. California especially stands to gain by being home to a large tech industry which now has the go ahead to utilize Bitcoins to create new and innovative products.
Soon Bitcoin might be fully legal in your state or country too!
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