California Gov. Jerry Brown on Saturday signed a measure that legalizes the use of bitcoins and other virtual currencies in the state. The law repealed previous legislation that specified only “lawful money of the United States” could be used in California. “Modern methods of payment have expanded beyond the typical cash or credit card transactions,” the new law states, and a change in legislation was necessary to ensure that alternative currencies could be used for the “purchase of goods and services or the transmission of payments.”
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California Embraces Bitcoin
Posted by: Erika Morphy July 1, 2014 12:36 PMCalifornia Gov. Jerry Brown on Saturday signed a measure that legalizes the use of bitcoins and other virtual currencies in the state. The law repealed previous legislation that specified only “lawful money of the United States” could be used in California. “Modern methods of payment have expanded beyond the typical cash or credit card transactions,” the new law states, and a change in legislation was necessary to ensure that alternative currencies could be used for the “purchase of goods and services or the transmission of payments.”