Digital Assets Bill Lets Californians Use Bitcoin Like Cash

A new version of the bill, first introduced in February, includes added protections for people who hold or use cryptocurrencies.

The AB 1052 bill, originally called the Money Transmission Act, has been renamed "Digital Assets" following changes made by Avelino Valencia, a Democrat and chair of the Banking and Finance Committee, on March 28.

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The updated bill says cryptocurrencies can be used for private transactions in the same way as traditional money. In addition, it aims to keep public officials from using their roles to promote or benefit from digital assets.

A new section of the bill states that government workers must avoid any actions involving cryptocurrencies that could interfere with their public duties or create a conflict of interest.

Dennis Porter, CEO of the Satoshi Action Fund, said in a March 30 statement, "California often sets the national blueprint for policy, and if Bitcoin Rights passes here, it can pass anywhere". He added:

Once passed, this legislation will guarantee nearly 40 million Californians the right to self-custody their digital assets without fear of discrimination.

Currently, the bill is in the "desk process", which means it has been officially introduced and is waiting for its first review.

Japan's Financial Services Agency (FSA) recently announced plans to change how cryptocurrencies are regulated under the law. How? Read the full story.