The governor of the US state of California has approved Bitcoin; thus, the digital currency can now be accepted and used for transactions in the US state. This has been made possible by the ratification of a new finance bill which has made it possible for users to pay in Bitcoin. Earlier, only US Dollars were officially recognized.
However, now that the new bill allows for the use of other national and digital currencies, Bitcoin users in the state of California consider it a progressive step. According to the local reports, among several new legislation coming into force for 2015 in California, the bill AB129 passed by Governor Jerry Brown in mid-2014 is one important one.
The bill according to the local media aims at ending a prohibition against using any alternative to US dollars for commerce in the state. Nonetheless, the bill also recognizes and permits the use of alternate currencies for transactions; thus, there is ample scope for digital currencies such as Bitcoin, Litecoin and others that have come up in the last couple of years.
California is Bitcoin-friendly State in the US
Though there are not many restrictions in the US on Bitcoin, the state of California has emerged as a Bitcoin-friendly state in the nation. This newly accepting stance makes it one of the more Bitcoin friendly states in a country where political opinion about the rise of digital currencies is heavily polarized; particularly, when New York is trying to regulate it.
According to some observers the decision by the state has not surprised them as California has long been one of the new technology centers of the US. Therefore, it is perhaps unsurprising that the state of California is making headlines about leading the charge of Bitcoin acceptance in the country. This according to them was on the way and was just a matter of time.
Nonetheless, the Silicon Valley area boasts 32 venture-capital-backed Bitcoin companies, more than the rest of the country put together. In fact, state residents topped the chart for Googling “Bitcoin” more than any other state in 2014. Thus, the place where Bitcoin gained traction the most is California and legislators are just respecting the popular sentiment.
The local businesses that have embraced Bitcoin admit that as it has now been given the status of “legal money” a lot of new businesses and outlets will be encouraged to accept it. This will further encourage people to know about Bitcoin and its potential. It may soon emerge as the right alternative for the dollar as well.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org