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ExtraTorrent.cc > Articles > California Started Accepting Bitcoin

California Started Accepting Bitcoin

California Started Accepting Bitcoin

Added: Thursday, July 3rd, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
A Californian law has finally removed a ban on using currencies other than the USD. The new legislation of the state will encourage the growing use of alternative payment currencies, including Bitcoin.

The state Governor Jerry Brown has signed a new law, which is expected to boost confidence around the most popular cryptocurrency, while regulators all over the world examine how to address it.


Previously, Section 107 of California’s Corporations Code prohibited companies or individuals from issuing money other than US dollars. The law was introduced by the Assembly Member Roger Dickinson, who claimed that digital currencies, as well as community currencies and reward points could technically be illegal, but still not penalized. For instance, Amazon’s Coins to Starbucks’ Stars were cash alternatives and were in violation of the law too.

Three months ago, the Internal Revenue Service of the United States announced that it will treat Bitcoin as a kind of property for tax purposes, not as currency. In other words, IRS made it subject to similar rules, just like stocks and barter transactions. People who receive goods and services in Bitcoin will now have to add the value of the virtual currency at the time they received it into their gross income. In the United Kingdom, for example, HM Revenue & Custom decided that exchanging or mining Bitcoins was exempt from value added tax (VAT) in the country, but accepting the cryptocurrency for goods and services is subject to it.

Posted by:  SuperAdmin
Date:  Thursday, July 3rd, 2014

Comments (6) (please add your comment »)

posted by menTurtle (2014-07-04 20:12:40)
Paradox_x avatarwow.. its a really gr8 news.. soon others will do this..

posted by (2014-07-04 20:44:19)
love.u.et avatarohhhhhhhhh good news...

posted by (2014-07-04 23:01:53)
No avatarGood news for Christian's... The end is near! Repent!

posted by (2014-07-05 04:18:45)
No avatarSoon the whole world will be taxable!! Beware!!

posted by (2014-07-06 02:27:41)
rebornawareness avatarSeems to me like a 4 step masterplan. Step 1. Flood the media with stories of the "scary DEEP WEB" ooohhhh... In those stories blatently advertise and promote hitherto unknown websites where drugs and other illegal things could be bought with a new currency, bitcoin. Step 2. Make a lots of money selling drugs and such. Continue advertising bitcoin and the "Deep Web" blackmarket,(through news stories) thus encouraging as many people as possible to try this new currency "bitcoin" Step 3. remove the drug website which gives excuse for more news stories, more bitcoin advertising and increasing awareness. Include high profile court cases and try to legitimatize it by having police or government agencies using and selling confiscated "bitcoin" Step 4 Legalize it. Wow now you've completed you're goal of creating a digital currency and promoting and legitimizing it, and getting people to use it. Why would anyone use it without a reason,(you've solved that by giving a reason such as it's neccessary if you want to buy blackmarket. The second reason is heavy media promotion). With your new currency you're now as powerful as the banks and can create money out of thin air. Go buy some limosines, private jets, caviar, prostitutes, and mansions around the world, you're now in the same club as the bankers. Money for nothing.

posted by Blocked (2014-07-10 09:25:23)
somu491 avatarnice dude

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