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article imageCalifornia passes bill legalizing digital currency

By Walter McDaniel     Jun 30, 2014 in Technology
California lawmakers have pushed a bill through that legalizes digital currency in the area. Now all online currency in California will be fully legal. This has some major implications for the world economy.
The legal precedent set here may be carried into future cases as well. This makes a powerful case for digital currency at the state level. As Forbes reports that does not mean the federal government will agree. It is very clear that we will be seeing some significant cases once these two points of view come into conflict.
This event means that many of us may have to reconsider our stances on digital currency. While a state approval is far from a federal approval it does set a precedent. If government officials legitimize the currency then this could change the entire world economy.
You can read about the announcement here on the site of Roger Dickinson, an assembly member who helped push this decision into place. “In an era of evolving payment methods, from Amazon Coins to Starbucks Stars, it is impractical to ignore the growing use of cash alternatives,” Dickinson announced to the assembly. It seems that many members agreed with him.
Digital currency use is also growing in many other parts of the world. Estonia users created a week of celebration for Bitcoin as well. Government crackdowns are not bothering the most ardent supporters.
Along with the freedom of these currencies also comes the danger of money laundering. If left unchecked this could lead to a new way to move money illegally through the entire world and at a very fast pace.
This is already an important topic for lawmakers in Canada, the U.S. and Europe. It will likely continue to be in the future. Most people in major media, including those at the NY Times, all agree on this point. The worlds of business and technology are being reshaped before our very eyes.
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