This bill would have required a $5,000 license fee in order to use cryptocurrency.
August 18, 2016
State lawmakers were poised to quickly jam through an amended version of a digital currency licensing bill with new provisions that were even worse than last year’s version.
As in the previous version, the bill required a “digital currency business” to get approval from the state before operating in California and also comply with regulations similar to those applicable to banks and money transmitters. The amended bill, however, was so carelessly drafted that it would have forced Bitcoin miners, video game makers, and even digital currency users to register with a state agency and be subject to the new regulations.
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