Guess Which State Bitcoin is About to be Declared Legal Currency?

[JessyMatt]

Yes folks, the state of California is in the proccess of declaring bitcoin a legal digital currency. Check out the full post for more details: http://www.bitcoinvalues.net/states-where-bitcoin-is-legal-california-set-legalise-bitcoin.html

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[OROBTC]

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Now if we could just get Peru to do the same!  Really, I could buy BTC in the USA and gold in Peru.

Or even Korean bearings...

 

[DubFX]

First steps forward in law, great!

[Ilsk]

Finally Californian people can pay taxes on their bitcoins.

[Ron~Popeil]

Finally Californian people can pay taxes on their bitcoins.

Exactly. They want a piece of the pie. The appearance of added legitimacy is good for sure but there is always a trade off with governments.

[Yakamoto]

Well, California has it's own ideals.

But I think it is true that they want their own slice of the pie, just wanting to fill their pockets once the taxes start getting paid in Bitcoin and the price goes up due to other causes.

But who will that excess money go to?

And I think this would end up losing anonymity (Whatever may be left of it) for those said taxpayers, as it doesn't really help that in order for the state to tell who paid their taxes using what wallet, the individuals would have to post their address along with their name...

[JessyMatt]

Well, California has it's own ideals.

But I think it is true that they want their own slice of the pie, just wanting to fill their pockets once the taxes start getting paid in Bitcoin and the price goes up due to other causes.

But who will that excess money go to?

And I think this would end up losing anonymity (Whatever may be left of it) for those said taxpayers, as it doesn't really help that in order for the state to tell who paid their taxes using what wallet, the individuals would have to post their address along with their name...

Where do you get your info from?

[ganabb]

If you've been observing the actions of government over the years, it doesn't take much foresight, california is smart enough to Declared Legal of Bitcoins.

[tinof]

Marijuana already legal in California.

Bitcoin is just the next logical step.

[percocet]

Wow! I would never have guessed Cali. South Carolina or Montana would have been my guesses.

[kuverty]

Finally Californian people can pay taxes on their bitcoins.

Doesn't this mean, now they alsohave to pay taxes on bitcoin income? Not sure if that's so cool but nevertheless this is a great step for bitcoin.

Marijuana already legal in California.
Bitcoin is just the next logical step.

That would have been LSD.

[Marlo Stanfield]

That's only because of the archaic law they currently have on the books relating to the only legal currency being currency from the United States. It's more of just a clarification, because it's not like that law would ever be enforced.

But good for them anyway in recognizing and wanting to clear up any doubts about bitcoin.

[odolvlobo]

This bill does much much less than you think. Here is the bill:

AB 129, as amended, Dickinson. Lawful money

Existing law prohibits a corporation, flexible purpose corporation, association, or individual from issuing or putting in circulation, as money, anything but the lawful money of the United States.

This bill would repeal that provision.

The people of the State of California do enact as follows:

Section 107 of the Corporations Code is repealed.

Here is section 107:

No corporation, flexible purpose corporation, association or individual shall issue or put in circulation, as money, anything but the lawful money of the United States.

[CoinDiver]

This is good. Government regulation will be seen by many as good... long before they figure out that government regulation of bitcoin is worthless. People are "required" to pay taxes on cash transactions... and some idiots do. I don't deal in cash, so unfortunately I have to pay my taxes like a good little cow.

[wenben]

California always seems to be at odd with federal government and the rest of the states.

[DeathAndTaxes]

Finally Californian people can pay taxes on their bitcoins.

Nope.  That would be legal tender and despite the similar name the law doesn't do that.  The new law simply correctly a poorly written law from the past that if actually enforced today could be interpreted today as making any miner in CA a criminal simply by producing new bitcoins.  Changing this law has been on the book for some time.  It would also for example make Amazon and Facebook equally criminally liable for issuing facebook or amazon credits.   It changes a few letters of an antiquated and never enforced law.  The real world effect in CA will be essentially nothing.  I am not saying it isn't a good idea to get it passed.  It never is a good idea to have unenforced laws on the books because they could be selectively enforced in the future but it pretty much is a much to do about nothing.

[DeathAndTaxes]

Wow! I would never have guessed Cali. South Carolina or Montana would have been my guesses.

Neither of those states have a very poorly written law with huge unintended consequences on the books.  As odolvlobo pointed out the new bill doesn't mention "Bitcoin" and doesn't even add any new laws to the books.  When you consider the existing law has never (at least not to anyones knowledge) ever been enforced against anyone since being passed it shows how little will actually change.

Before AB 129 is signed by the governor (right now)
Section 107: No corporation, flexible purpose corporation, association or individual shall issue or put in circulation, as money, anything but the lawful money of the United States.

After AB 129 is signed by the governor.
Section 107: Repealed

[GigaBit]

Well it's a start.

[ljudotina]

I hope Nigeria legalize BTC soon. I want to use all those good bargains that i get trough mail every so often...

[unpure]

I hope Nigeria legalize BTC soon. I want to use all those good bargains that i get trough mail every so often...

Seem to fit the current scammer climate of bitcoin.