[2014-06-06] California Inching Closer Towards Legalizing Bitcoin

[aliceHortrex]

http://cointelegraph.com/news/111706/california_inching_closer_towards_legalizing_bitcoin

California is getting closer to outright legalizing Bitcoin in the state with the proposed bill clearing a committee vote yesterday.

[Finchy]

What's it's current status? Did they ban it or something?

[GoldSilverBitcoin]

No ban. I imagine a lot of this bill has to do with how to tax it...

[PatMan]

So, who decided it was illegal anyway? On what grounds? Why? In the normal world everything is legal until the necessary procedure is taken to make it illegal - not the other way around. That would make everything illegal in the US until "someone" decided it was legal.......

[plateex]

So, who decided it was illegal anyway? On what grounds? Why? In the normal world everything is legal until the necessary procedure is taken to make it illegal - not the other way around. That would make everything illegal in the US until "someone" decided it was legal.......

good point.

a step towards imposing a tax, maybe? 

[bryant.coleman]

good point.

a step towards imposing a tax, maybe? 

California is inching closer to bankruptcy, as the tax receipts are falling. Right now the state authorities are desperately trying to find new sources of income. The legalization of Bitcoin might be having something to do with this. 

[mercistheman]

The average person dealing with cryptos understands the legality of the technology... it's safe to say most others have no knowledge of the technology or have a perspective of criminal backing....  this "bill" should not to be taken lightly... it will provide a sense of government recognition for it's acceptance... once merchants start piling on the California hype other states will follow with their blessings.

[Ron~Popeil]

The average person dealing with cryptos understands the legality of the technology... it's safe to say most others have no knowledge of the technology or have a perspective of criminal backing....  this "bill" should not to be taken lightly... it will provide a sense of government recognition for it's acceptance... once merchants start piling on the California hype other states will follow with their blessings.

The attention is good along with the legitimacy in the minds of people but as with anything government gets involved in it will likely turn into a money/power grab.

[bryant.coleman]

The attention is good along with the legitimacy in the minds of people but as with anything government gets involved in it will likely turn into a money/power grab.

There is nothing to fear. The government can only tax Bitcoin transactions (even that will be difficult due to the added anonymity). They cannot control or ban the possession and trade of Bitcoin, unlike the fiat currency.

[Harib]

Most of the questions asked in this thread will be answered if one takes a few minutes to actually read the article - it feels like no one posting here has.

[niothor]

good point.

a step towards imposing a tax, maybe? 

California is inching closer to bankruptcy, as the tax receipts are falling. Right now the state authorities are desperately trying to find new sources of income. The legalization of Bitcoin might be having something to do with this. 

Are you living in 2008 or what?

For two years in the row California Budget had a surpluss of money

California Governor Jerry Brown proposed a record $106.8 billion budget as state coffers brim with the biggest surplus in more than a decade, setting up a fight with fellow Democrats who want more spending.