California Governor Jerry Brown Signs Bill Legalizing Bitcoin
Another type of a newly emerged payment system that the amendment is meant to apply to are the so-called "community currencies"; these are created by members of a local area to boost small business. Besides, as the explanation to the new legislation reads, they have “also become a form of political protest as some communities that use such currency do so in protest of US monetary policies, or large financial institutions.”
Assemblyman Roger Dickinson (D-Sacramento) said the new law he wrote only recognizes what is already happening.
Authors of the amendment labeled the old regulatory regime as “stagnant” and lagging behind Californian “growing and innovative payments market.”
The 39th Governor of California Jerry Brown has officially signed Assembly Bill 129, the measure that sought to grant bitcoin and other digital currencies ‘legal money’ status, into law.
The news comes just weeks after the approval of the final amended version of the bill earlier this month through key votes in both the California Assembly and Senate.
Thank you Gov Brown and CA legislature! "AB 129 allows Bitcoin and other digital currency to be legally used in transactions in California."
— Marc Andreessen (@pmarca) June 29, 2014
AB-129, which first received approval in the California Assembly earlier this February, sought to update a California law under which alternative forms of value such as rewards points, coupons and digital currencies were technically being used in violation of the law.
First Bitcoin ATMs Coming To Los Angeles
Though digital currencies were not targeted for violating the law, such rules could have been used to stem the technology’s growth in the area that is home to 40% of all bitcoin jobs in the US.
AB 129 will allow Bitcoins and other digital currency to be legally used in transactions in California by repealing a provision of state law that bars the use of "anything but the lawful money of the United 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,” the comments to the bill read.
While the analysis of the amendment focuses on bitcoin as a major example of what’s being legalized, it also provides a list of other digital currencies and mentions points models, which various retailers use for rewarding consumers.
With AB-129 now law, California bitcoin enthusiasts will need to wait for a forthcoming decision from the California Department of Business Oversight (DBO), which issued a warning on digital currencies in April.
For more on how that agency will play a role in deciding the future of bitcoin in California, read our full interview with Dickinson.
Monty Henry, Owner
Additional Resources:
Number of Americans Renouncing Citizenship Surges To Escape Oppressive Tax Rules
Dropping Off The Grid: A Growing Movement In America: Part I
Online Privacy Tools and Tips
What is BitCoin and How Does It Work?
The Creature From Jekyll Island: This Blog And Video Playlist Explains Why The U.S. Financial System is Corrupt and How It Came To Be That Way
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• Video is Recorded Locally To An Installed SD Card (2GB SD Card included)
• Email Notifications (Motion Alerts, Camera Failure, IP Address Change, SD Card Full)
• Live Monitoring, Recording And Event Playback Via Internet
• Back-up SD Storage Up To 32GB (SD Not Included)
• Digital Wireless Transmission (No Camera Interference)
• View LIVE On Your SmartPhone!
Includes:
* Nanny Cameras w/ Remote View
* Wireless IP Receiver
* Remote Control
* A/C Adaptor
* 2GB SD Card
* USB Receiver
FACT SHEET: HIDDEN NANNY-SPY (VIEW VIA THE INTERNET) CAMERAS
Specifications:
Receiver Specs:
* Transmission Range of 500 ft Line Of Sight
* Uses 53 Channels Resulting In No Interference
* 12V Power Consumption
* RCA Output
* Supports up to 32gig SD
Camera Specs:
* 640x480 / 320x240 up to 30fps
* Image Sensor: 1/4" Micron Sensor
* Resolution: 720x480 Pixels
* S/N Ratio: 45 db
* Sensitivity: 11.5V/lux-s @ 550nm
* Video System: NTSC
* White Balance: Auto Tracking
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Phone: (1888) 344-3742 Toll Free USA
Local: (818) 344-3742
Fax (775) 249-9320
Monty@DPL-Surveillance-Equipment.com
Google+ and Gmail
DPLSURVE
DPLSURVE
MSN
Monty@DPL-Surveillance-Equipment.com
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DPLSURVE32
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