California Passes Bill Declaring Cryptocurrency Legal Tender

[PolybiusSquare]

Good or bad? Discuss.

Bill AB129

Articles:

California passes bill declaring cryptocurrency legal-tender

California just passed law making bitcoins legal money

[PolybiusSquare]

Video:

[VIDEO]http://www.youtube.com/watch?v=4iGIcN4UFEA[/VIDEO]

[thisaznboi88]

Crazy California lol

[voingiappone]

I think that this decision has the word “taxes” written everywhere… I’m really curious to see how this will develop in the future

[PolybiusSquare]

I think that this decision has the word “taxes” written everywhere… I’m really curious to see how this will develop in the future

The last I heard the IRS classifies it as bartering already. So you’re taxed at income rates, instead of the lower capital gains rates. The GAO wrote a report urging the IRS to issue clear guidance on clarification of tax rules for virtual currencies way before this happened.