Bitcoin Payment Cleared In California Law

If you have some Bitcoin lying around somewhere, then you would know that having some is better than nothing, although you are not able to spend it in whatever way you wish, wherever you are, and however you like. After all, not every single place accepts Bitcoin, and with the price fluctuating as well, it might be an investment that you could think of disposing off before any alleged bubble bursts to maximize your profit. Having said that, the state of California has recently seen a bill passed that legitimizes any kind of payment that is made with Bitcoin, in addition to other virtual money forms, community currencies and reward systems such as coupons and points.

Yup, that is correct, this equal measure footing of Bitcoin and other virtual money forms is a natural evolution of modern commerce considering how the area of transactions have long since gone beyond that of cash and credit options, so the onus is on the law for it to remain relevant in this day and age.

Do bear in mind that this will be different from any kind of federal approval, so you are still unable to pay your taxes using cryptocurrency. However, those living in the Golden State can now make better use of their Bitcoin, legally in the eyes of the law to boot.

Edwin Kee
Categories: General
Tags: bitcoin