California Decides Not to Regulate Cryptocurrency

California officials stated the state would not regulate digital currencies under existing regulations, Bloomberg reported.
The California Department of Business Oversight said last December it considers imposing regulations on Bitcoin and other digital currencies. Back then, the spokesperson for the Department, Tom Dresslar, stated the state intended to determine whether the regulation is really necessary for consumers. Now the period of determination seems to be over.

“It remains to be seen whether Bitcoin and the virtual currency industry will fulfill the growth prospects forecast by backers. Prudence dictates we take a deliberate approach and let the market further develop. That will better ensure any regulatory regime California ultimately adopts works effectively for consumers, businesses and the market,” Dresslar told Bloomberg.

Last January, California became the first state in the U.S. to legalize bitcoin. The law signed by the governor in June strikes down clause 107 of California corporate code which forbids any company or individual to partake in turnover of money different from U.S. legal tenders.

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