Bitcoin Gets Thumbs Up In California With New Bill
Bitcoin gets first official acceptance in California as its governor Jerry Brown clears first bill that does away with state level hurdles to adopt alternative currency such as bitcoins. The supporters of the bill have said that the previous law was stringent and,thereby, discouraged the use of currency other than the U.S. Dollar in commerce.
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Earlier last week, Democratic Assemblyman, Roger Dickinson, had said that the new bill represents the popularity of newly transacted currency like Bitcoin, but said that the current law in existence will categorize the use of the new virtual currencies and other including Starbucks Stars as illegal. Hence, had called for the need to update the existing law. However, the new bill allows the transaction in virtual currencies, but it will not regulate these currencies, leaving it as a onus on other government agencies.
Mt. Gox Collapse
It is to be noted that the new bill has paved its way through California at a time, when Tokya based Mt. Gox exchange has been allowed to begin bankruptcy related proceedings in the United States. Mt. Gox had become one of the world’s premier Bitcoin traded exchange, however, it collapsed earlier this year after reporting a hacking attack. According to the information, Mt. Gox lost nearly 850,000 Bitcoins to hackers, earlier this year, valuing more than $500 million at present prices. Later, the exchange had said that it has recovered 200,000 Bitcoins. Recently, Mt. Gox’s founder Mark Karpeles has regretfully said that he does not see any more possible recovery of lost bitcoins.
In the meanwhile, the US Marshals Service has successfully completed the auction of about 30,000 bitcoins, that were part of the confiscated bitcoins by the FBI during its Silk Road raid. The cryptocurrency bounced back to the level of $600, post completion of the auction by the agency.
June 30, 2014 at 06:34AM
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