California removes ban on cyber currency
Posted by: Timothy Weaver on 06/30/2014 08:39 AM
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California has removed a ban on using currencies other than the U.S. dollar. The intention is to accommodate the growing use of alternative payment methods such as bitcoins.
Section 107 of California’s Corporations Code was repealed, which had prohibited companies or individuals from issuing money other than U.S. dollars.
The U.S. Internal Revenue Service, in March, said it will treat bitcoins as a form of property for tax purposes, rather than as currency. That makes the currency more like stocks and barter transactions for tax purposes.
While banks are still generally steering clear of bitcoins, there are signs of confidence in it from private companies.
Section 107 of California’s Corporations Code was repealed, which had prohibited companies or individuals from issuing money other than U.S. dollars.
The U.S. Internal Revenue Service, in March, said it will treat bitcoins as a form of property for tax purposes, rather than as currency. That makes the currency more like stocks and barter transactions for tax purposes.
While banks are still generally steering clear of bitcoins, there are signs of confidence in it from private companies.
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