California bill would allow acceptance of cryptocurrencies as a legal means of payment – DiarioBitcoin

California bill would allow acceptance of cryptocurrencies as a legal means of payment - DiarioBitcoin

California bill would allow acceptance of cryptocurrencies as a legal means of payment - DiarioBitcoin By DailyBitcoin Editor

New bill that was introduced in California would allow cryptocurrencies in general, not just Bitcoin, to be a means of state payment. At the same time, there are other projects to make Bitcoin legal tender in the state.

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California State Senator Sydney Kamlager (Democrat) introduced a bill on Friday, February 18 to add Section 11000.3 to the Government Code, regarding with the acceptance of cryptocurrencies by the state government.

Said bill would authorize state agencies to accept cryptocurrencies (in general, not only Bitcoin) as a method of payment for the provision of government services.

The proposed article literally says:

“THE PEOPLE OF THE STATE OF CALIFORNIA ORDER AS FOLLOWS:

SECTION 1. Section 11000.3 of the Government Code is added to read:
11000.3. A state agency may accept cryptocurrencies as a payment method for the provision of government services.”

The bill -which is as short as these previous lines, since it is the change of a specific article- is part of various proposals that the legislator has in terms of migration, child welfare, environment, economy, etc. In the article attached to the tweet he summarizes his proposals:

another project

Almost parallel to the mentioned project, the expert in Bitcoin, Dennis Porter, and political adviser, Ian C. Calderon, reported that they have collaboratively drafted a new proposal that, in their own opinion, could convert to Bitcoin in official legal tender.

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On February 19, Calderón tweeted that “Together, @Dennis_Porter_ and I are working on a bipartisan effort to legislatively explore #Bitcoin as legal tender in the state of California. More to come”

It is worth remembering that these are not the first approaches of the state of California to crypto. In September 2020, Governor Gavin Newsom signed the California Consumer Financial Protection Act, which, among other things, was to provide the department with greater enforcement powers designed to protect Californians from “pandemic-inspired scams, clarify regulatory hurdles for emerging products, and increase education and outreach to vulnerable groups.”

Sources: California Legislation, BitcoinNewsTweetr, file

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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