Is California Planning to Make Bitcoin a Legal Tender?
DailyCoin
Published Feb 21, 2022 09:00AM ET
Updated Feb 21, 2022 09:31AM ET
Is California Planning to Make Bitcoin a Legal Tender?
It comes as no surprise that California, the most tech-friendly state in the U.S. looks to be the first to be working towards Bitcoin acceptance, as Senator Kamlager introduced a bill that would see the acceptance of “cryptocurrency as a method of payment for the provision of government services.”
Political advisors in the Golden State are further working on the new bill planning to make Bitcoin legal tender. Ian C. Calderon recently tweeted that he is collaborating with Bitcoin expert Dennis Porter on drafting the new proposal.
The news comes just after the state of Arizona and the island of Tonga shared similar intentions to legalize the world’s leading cryptocurrency.
Last year, California was ranked as the country’s most crypto-ready jurisdiction thanks to the appearance of an assortment of Bitcoin ATMs, and the growing ownership of digital assets among Californians.
Cryptocurrency experts believe that if the bill were to move forward, it would mean a big step towards Bitcoin’s adoption, and could possibly even lead to hyperbitcoinization.
On the Flipside
- Some say that the bill isn’t intended to make Bitcoin a legal tender in California, but rather to allow its residents to pay tax in crypto.
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Written By: DailyCoin
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