In order to make Bitcoin a legal means of payment in CA, Bitcoiner may have to rewrite the constitution

In order to make Bitcoin a legal means of payment in CA, Bitcoiner may have to rewrite the constitution

The California bitcoiners hope to make the state the first that accepts cryptocurrency as a legal means of payment, even if this means to violate US constitution.

"This is a bottom-up approach, just like Bitcoin is a bottom-up approach," said Bitcoin advocate Dennis Porter, who is working on driving the law. "The states have the last word about what is in the constitution, and if it has to be, we go to an article V and write the constitution."

The Republican Member of the State Jordan Cunningham presented the meeting in front of

"What we are going through is that we have to be careful, as we say, because it could be disadvantageous to list Bitcoin or Ethereum or other specific assets because it is important to accept the flexibility of companies and local governments," said Calderon.

According to the constitution, the definition of "legal means of payment" is the domain of state legislators, said Preston Byrne, partner of the law firm Anderson Kill.

"The move is largely symbolic," said Byrne. "The coin clause of the constitution means that the authority determines what is legal in the United States and what is not reserved exclusively for congress."

Some companies in California and the United States are currently accepting Bitcoin or other digital assets as a means of payment. However, the creation of a clear law is essential, said Calderon.

"I know a district that wants to introduce a pilot program for virtual currencies, but his concern is that the state ends up, after putting up time, energy and resources in the development of this pilot program, and tears out the carpet underneath and says: 'No, you can't do that - that's not legitimate'," said Calderon.

The creation of clarity would enable companies and governments to work within the regulatory guidelines, he added. The draft law will also serve to clarify problems with the taxation of cryptocurrencies, said Porter, which could slow down the introduction of crypto.

"It is very important that we come to a place where the average person, someone who tries to pay his food, someone who tries to pay rent in digital assets can do so without massive tax or accounting load," said Porter.

When the meeting law was introduced, a similar law was presented to the California Senate. The Senate draft in 1275 brought in by the Democrat Sydney Kamlager would enable the residents of California to pay state services with cryptocurrencies. Calderon and his team also support this legislation.

"We have started to work directly [Kamlager] and also helped her to formulate her language for her draft law, so that in this area we could make two efforts, one in the Senate, one in the meeting to try to increase our chances, to get something under the governor's desk," he added.

California is not the first state to consider Bitcoin to make Bitcoin a legal means of payment. In January, Wendy Rogers, Senator of the state of Arizona, A Invoice legalize.

"At best, this is an indication of what the legislators of the states think, and the federal legislators of tomorrow often receive their basic training in the legislators of today's states," said Byrne.

The efforts in California are about making a broader statement, Calderon agrees, but the adoption of the law is still the goal.

"The only introduction and legitimacy to move through a few committees, maybe get out of the meeting, go to the Senate ... Even if the governor puts on a veto, it is enormous," he said. "People want certainty, they want consumer protection, they want to know what they can do and what not. This is part of these efforts."

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The contribution to make bitcoin legal tender in CA, Bitcoiners May have to rewrite constitution is not a financial advice.