“The California State Assembly has unanimously passed measure AB 129 declaring Bitcoin and other cryptocurrencies as ‘lawful money.’ To be clear, ‘lawful money’ is different from ‘legal tender.’ ‘Lawful money’ describes any currency that is legal to use in exchange for goods and services, but is not required to be accepted for debts, taxes, or any other dues. Before the passing of measure AB 129, Bitcoin and other cryptocurrencies were not deemed ‘lawful money.’ In the state of California, it is against the law to issue or circulate any currency that is not ‘lawful money,’ and doing so can result in fines up to $15,000 or 15 years imprisonment.”
http://bitterco.in/bitcoin-lawful-money-declared-in-california-assembly/
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