Bitcoin has received some further good news as Governor for California, Jerry Brown, has signed into law a bill that legalises the use of Bitcoin, along with other digital currencies, across the state.
One particular point of the bill, dubbed AB 129 – “Lawful Money”, that Bitcoin fanatics will want to take particular note of is the comments section, which states:
“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.”
Somewhat amazingly the bill even discusses the COINYE concept, which took the Bitcoin model and put a hilarious Kanye West theme on the currency.
The dedicated and enthusiastic Bitcoin community will undoubtedly be ecstatic about the news that the state of California is legalising the use of the cryptocurrency, even if there will be some kinks to iron out with black flags such as regulation.
What will make news even sweeter is that it comes after a hard few months for the revolutionary currency, as late last year the value of a single Bitcoin soared to over $1,000 – before dropping down to $401 back in April this year (due to a number of government crackdowns around the world and security breaches to one of the currencies largest exchanges, Mt. Gox, which resulted in the company’s bankruptcy).
Things are slowly starting to look up for the currency again though, as the news from California follows announcements that Apple will start allowing the currency on its App Store again, as well as Google and Yahoo moving closer to recognising the currency as legitimate by adding Bitcoin prices to their financial networks.
Confused by the Bitcoin? Read out breakdown here.