California Cryptocurrency Law is the newest law in the U.S. to jump into the wave of bitcoin payments. On Friday, Senator Kamlager submitted to the state legislature Bill No. 1275, which adds a section to the government code regarding the services provided by the California authorities to the public.
California Cryptocurrency Law active until this summer
This bill would allow the state agency to accept cryptocurrencies as a payment method for the provision of government services.
The bill joins a growing cohort of U.S. states seeking to introduce legislation that motivates the use of bitcoin as a medium of exchange.
Last week, Colorado Governor Jared Polis promised that its citizens would be able to use bitcoin and other cryptocurrencies to pay state taxes by this summer, adding that they were “a very progressive, innovative state.” However, Polis stressed that the state would immediately convert the cryptocurrencies received into U.S. dollars.
Other countries are studying alternatives
Other countries are still studying current bitcoin legislation and identifying alternatives for the future. Last week, New Hampshire Gov. Chris Sununu signed a commission to review existing bitcoin-related laws and propose new ones as the state seeks to foster innovation and attract businesses in the sector.
Missouri is trying with Cryptocurrency Law, is trying to motivate bitcoin adoption through tax cuts. On February 11, state attorney Phil Christofanelli said Missouri should remain “open to innovation” and suggested that bitcoin be exempt from property tax at the state, district, and local levels.
A few days before Christofanelli’s proposal, Tennessee State Attorney Jason Powell introduced two bills. The former would allow the state and its communities to purchase bitcoins at their coffers. At the same time, the latter sought to establish a bitcoin and cryptocurrency study committee to “help determine how to make Tennessee the state’s most progressive and supportive cryptocurrency and blockchain business and promote the positive economic environment for blockchain and cryptocurrencies.”
The White House wants to establish a comprehensive set of policies for regulating bitcoin and digital assets at the federal level, as legislation and enforcement are currently scattered across different industries and agencies. The California Cryptocurrency Law is definitely going to help to speed up this process. To this end, the Biden administration is expected to issue an executive order soon, instructing federal agencies to assess the risks and opportunities that bitcoin and cryptocurrencies might pose.