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- California may make bitcoin legal money, according to a new measure submitted by political advisors.
- Bitcoin specialist Dennis Porter and political advisor Ian C. Calderon have collaborated on a new idea that, in their opinion, may make bitcoin official legal cash.
Legislation to make #Bitcoin legal tender
Legalizing bitcoin as legal money is one of the boldest things a government could do. While El Salvador risks international trade deals, ratings, correspondent banking, and other things, it has also drawn a lot of media interest and a slew of bitcoin visitors. President is supporting Bitcoin despite foreign criticism.
After Arizona and the Pacific Island of Tonga recently made headlines with their moves to declare bitcoin legal money, the California bill has the potential to upset the legal tender race once more. Regards, California has presented legislation to make #Bitcoin legal tender.
His willingness to experiment with unique ideas like “volcano bonds,” “bitcoin city,” and government-level mining is more than simply marketing ploys. They may be able to assist the country in resolving its problem.
California is no match for El Salvador. Despite having the same shoreline to surf, the GDP is over 12 times greater than that of El Salvador, an underdeveloped country.
It is, in fact, the largest in the United States, with a gross state output of $3.0 trillion. Remember that Germany, the world’s fourth-largest economy, is anticipated to have a GDP of $4.22 trillion in 2022.
ALSO READ: New AML requirements for crypto firms laid off by Italy
The Legal Status of Bitcoin in the United States and Other Countries
Bitcoin was legal in Japan, the United States, the United Kingdom, and the majority of other industrialized countries as of June 2021. The legal position of bitcoin varies considerably in emerging economies.
China hasn’t made bitcoin illegal but is constantly affecting the market by severely limiting bitcoin. India has made it illegal for banks to trade in bitcoin, leaving the legal position of cryptocurrencies in doubt. In general, it is required to investigate the legislation governing bitcoin in individual nations.
Even in countries where bitcoin is legal, most of the regulations that govern other assets also apply to bitcoin. The majority of people are likely to run across problems with the tax system. Bitcoin is often recognized as property rather than cash for tax purposes. There are certain outliers, such as El Salvador, which will become the first country to recognize bitcoin as legal cash in June 2021.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
