California Assembly approves bill for state payments in Bitcoin; awaits Senate review.
What to Know:
- California moves to accept Bitcoin for state payments by 2026.
- Approved by Assembly, pending Senate review.
- Regulated by DFPI under new crypto legislation.
The California Assembly voted 68-0 in favor of bill AB 1180 to permit Bitcoin payments for state fees, pending Senate approval.
This potential shift could position California as a leader in crypto payments, influencing broader market adoption.
California’s AB 1180 Gains Unanimous Assembly Support
AB 1180, a groundbreaking bill, paves the way for California to accept Bitcoin in state transactions. The California Assembly’s unanimous decision highlights substantial legislative support for integrating digital currencies by 2026.
Led by Assemblymember Avelino Valencia, California strives to enhance its reputation in digital-asset innovation, with the Department of Financial Protection and Innovation overseeing implementation. Valencia stated, “AB 1180 puts California at the forefront of digital-asset innovation.”
California’s Crypto Integration Expected by 2026
Immediate effects on financial sectors and government operations are anticipated as California moves near crypto integration. Markets are watching closely, with industry leaders noting California’s influential stance.
Financial regulations under the Digital Financial Assets Law will impact institutional participants. Businesses and public sectors sense significant potential in harnessing crypto for fiscal interactions.
California’s Move Compared to Ohio’s 2018 Effort
In 2018, Ohio pioneered similar efforts but faced regulatory hurdles. California’s larger economy and tech focus may overcome previous obstacles, shaping digital financial norms.
Data suggests a modest initial impact. However, based on trends, wider adoption and regulatory frameworks, California’s initiative could redefine state-level transactions.
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