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California proposes to legalize bitcoin as legal tender

Bill was introduced by senator and political advisors in the U.S. state of California that seeks to authorize state agencies to accept bitcoin and other cryptocurrencies as a method of payment for the provision of government services.

California Democratic Senator Sydney Kamlager introduced this Friday, February 18, a bill to add Section 11000.3 to the Government Code regarding the acceptance of cryptocurrencies by state government.

The proposed document says:

“THE PEOPLE OF THE STATE OF CALIFORNIA ENACT AS FOLLOWS:

SECTION 1. Section 11000.3 is added to the Government Code to read:

11000.3. A state agency may accept cryptocurrencies as a method of payment for the provision of government services.”

Likewise, Bitcoin expert Dennis Porter and policy advisor Ian C. Calderon supported the proposal with a document that could make Bitcoin official legal tender.

On Feb. 19, Calderon tweeted that “Together, @Dennis_Porter_ and I are working on a bipartisan effort to legislatively explore #Bitcoin as legal tender in the state of California. More to come.”

Critics are not far behind and one Twitter user quickly responded that the bill does not make #Bitcoin legal tender, but rather would be a provision that potentially allows people to pay taxes on cryptocurrencies.

Porter added a link to his tweet that redirects to a petition hosted on votervoice , an advocacy tool to influence policy and educate lawmakers.

The petition seeking to raise support and donations is printed in its unabridged form below:

“Now more than ever, it is important for Americans to have money that can protect against inflation created by monetary debasement.”

“This debasement is an invisible tax on Americans from an unelected board of bankers.”

“We do not accept taxation without representation. Many of us have chosen Bitcoin as our medium of exchange, but the federal government does not recognize Bitcoin as legal tender.”

“This prevents the average American from effectively using Bitcoin as an everyday medium of exchange without paying capital gains taxes.

It is time for the U.S. to adopt Bitcoin as legal tender in the U.S.”

OUR PREAMBLE: We, the People of the United States, in order to defend against degradation, establish liberty, ensure domestic productivity, provide for individual defense, promote social welfare, and secure the Blessings of Liberty for ourselves and our posterity, do hereby enact and designate Bitcoin as legal tender in the U.S.” says the petition.

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