back to article Bitcoin was illegal in California? Whoops, governor fixes that 165-year-old money law

California Governor Jerry Brown has signed off on a law legitimizing Bitcoin and other cryptocurrencies for use in the state. The governor rubber-stamped AB 129, enacting what legislators say is a much-needed overhaul of the state codes on currencies. Under the new law, digital currencies and community currencies are …

  1. Old Handle

    Aww, Dogecoin isn't really mentioned in the bill, only in the legislative analysis.

  2. Herby Silver badge

    Then there is Article 1, section 8

    The Congress shall have Power...To coin Money, regulate the Value thereof

    We here in California do things a bit differently. Of course "coin money" means different things to different people.

    Sorry, Governor Moonbeam.

  3. Charles Manning

    Mark my words...

    If they don't allow it, they can't tax it.

    Step one to taxing it is to first allow it and recognise it as a currency.

    1. Anonymous Coward
      Anonymous Coward

      Re: Mark my words...

      ... and California needs every revenue stream it can dip it's hands into, Gov. Moonbeam or no. [Some really bad flashbacks bringing him back around.]

    2. User McUser

      Re: Mark my words...

      iIf they don't allow it, they can't tax it.

      Not true! The States and the Feds tax all sorts of illegal things.

      For example, many states sell marijuana "tax stamps" even though weed is illegal to posses in those states. Furthermore, there's a line item on the IRS 1040 form (line 21, "taxable income not reported elsewhere") where you are expected to report your gains, ill-gotten or otherwise, which were not reported anywhere else. (See also IRS Publication 525, Page 31 - "Illegal Activities".)

      Need I remind you that that's how they got Capone?

    3. Robert Helpmann?? Silver badge
      Coat

      Re: Mark my words...

      Yes, it would be bad to miss out on the revenue stream that money laundering operations would take with them if forced to move to another state.

      Just checking the pocket for cash.

  4. Alex Bailey
    Devil

    Shame they couldn't have banned Disney Dollars before fixing the law :)

  5. PyLETS

    Not enforceable

    Bit like the law which required London cabbies to have a bale of straw in the boot repealed in the 1960ies, long after anyone was worried about starving cab horses. Ultimately that kind of law would prevent any kind of exchange or contract from being legal unless one side paid legal tender currency to the other.

  6. Anonymous Coward
    Anonymous Coward

    They also didnt mention ...

    .. Bitquark :(

    1. Trigonoceps occipitalis

      Re: They also didnt mention ...

      Doesn't exist, I've checked Wikipedia!

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