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California Legalizes Bitcoin

Posted by timothy on from the finally-time-to-cash-in-your-scrip dept.

jfruh (300774) writes "California governor Jerry Brown has signed a law repealing Section 107 of California's Corporations Code, which prohibited companies or individuals from issuing money other than U.S. dollars. Before the law was repealed, not only bitcoin but everything from Amazon Coin to Starbucks Stars were techinically illegal; the law was generally not enforced."

6 of 162 comments (clear)

  1. Illegal? I think not. by thesupraman · · Score: 2, Insightful

    Sigh, of course BITCOIN IS NOT MONEY!
    Hence was not illegal.

    It is a tradable commodity. just like gold, tulip bulbs, or online porn.

    But hey, who cares about reality, which fishing for a good story. If trading bitcoin was illegal, then so what a WHOLE lot of other transactions.

  2. Re:California also legalized using polished turds by AuMatar · · Score: 3, Insightful

    I'll take the turds. They have value as fertilizer. While Bitcoin is bullshit, physical bullshit at least has a use.

    --
    I still have more fans than freaks. WTF is wrong with you people?
  3. Company scrip returns... by Electricity+Likes+Me · · Score: 2, Insightful

    And here I was thinking we'd finally killed defacto indentured servitude/slavery via company scrip.

    This is a stupid act, and it's going to have very real consequences in the future before long.

    And Bitcoin will still be just as irrelevant regardless.

  4. Re:California also legalized using polished turds by SuricouRaven · · Score: 5, Insightful

    Gold actually isn't that useful. It has a few niche applications in engineering that need tiny quantities as a corrosion-resistant coating or ultra-thin foil, but that's all. It's not even a very good electrical conductor - copper is better. The main use for gold is to be expensive - people wear it in order to flaunt their wealth. Like designer clothing, if it weren't so expensive people wouldn't want to wear it.

  5. Re:California also legalized using polished turds by PhilHibbs · · Score: 3, Insightful

    Bitcon is NEVER mentioned.

    It IS mentioned.

    The assembly member that proposed it, in the press release announcing the passing of the bill, talks about BitCoin, Amazon Coins, Starbucks Stars, and Diablo II Stones of Jordan*. Of course the legislation itself doesn't mention BitCoin, since the section that it repeals pre-dates BitCoin, and when you're repealing a section, you just say "Section X is repealed", not "Section X is repealed because BitCoin".

    *One of these is a lie.

  6. Re:Bitcoin's day has come. by Anonymous Coward · · Score: 2, Insightful

    Sounds like Bitcoin is really really tangential to this story... but hey *page views*