General information

State Removes Potential Legal Bar Against Alternative Currencies
August 4, 2014

Governor Jerry Brown signed into law Assembly Bill 129, which repeals a current state law (Corporations Code Section 107) that prohibits the issuance of any money other than the “lawful money of the United States.”  AB 129 thus removes doubt about the legality of issuing Bitcoin and other alternative forms of currency in California. See CBA’s Regulatory Compliance Bulletinfor more information.