California Passes Bill to Legalize Bitcoin
California lawmakers have approved a bill that favors to use alternative currencies including Bitcoin in the country.
CALIFORNIA (Scrap Monster): California lawmakers have approved a bill that favors to use alternative currencies including Bitcoin in the country.
'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.
By legalizing the bill, the consumers permit to purchase things from retailers that will not be considered illegal under the existing 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 is said that Mt Gox, once the world's leading exchange for Bitcoin trading closed down its website earlier this year after hitting on a big loss of 850,000 bitcoins - worth more than $500 million at current prices in a hacking.
The company faced challenges from its customers who filed a case against the company to seize its US assets, such as computer servers, and demanding evidence and access to Mt Gox executives. In March, the company filed for Chapter 15 bankruptcy protection.