“The Bitcoin Foundation is defending the virtual currency to California’s banking department, explaining bitcoin doesn’t qualify as a payment instrument under the state’s money-transmission rules. In a lengthy letter addressed to Tara Murphy, an assistant attorney general in the California Department of Financial Institutions, the Washington-based group also stuck up for itself, saying it doesn’t sell or exchange the virtual currency. California is known to be particularly aggressive in enforcing money-transmission rules. In the letter, the foundation made it clear that it doesn’t even operate in California.”

http://blogs.wsj.com/moneybeat/2013/07/05/bitcoin-trade-group-bites-back-at-california/

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