California lawmakers are poised to vote on a bill that would change the bitcoin economy, potentially allowing users to buy and sell bitcoin.
State Senator Scott Wiener (D-Los Angeles) said in a statement that the bill will change the way people transact, allowing people to pay for goods and services, or receive a bitcoin equivalent in return.
“California’s new bitcoin laws will help ensure that we can all pay our bills in real time and without a middleman,” he said.
Bitcoin is a decentralized digital currency created in 2009.
It has exploded in popularity in recent months, with bitcoin-based businesses such as PayPal, Airbnb, BitPay, and others accepting bitcoin payments.
California’s Bitcoin and Blockchain Bill would also allow for the issuance of digital certificates, the cryptographic signatures of digital wallets that verify bitcoin transactions.
This bill, if passed, would be the first to allow people to use bitcoin to pay bills online, according to the bill’s sponsors, Rep. Matt Dababneh (D) and Rep. Jim Nielsen (R).
According to the state’s website, the bill would require people to obtain a digital certificate of ownership for bitcoin transactions, which would be digitally signed by a third party.
That third party would have to be registered with the state, which could take up to 30 days, Nielsen said.
Under current state law, only bitcoin users are allowed to receive payments in bitcoin, with many of the new bills proposing changes to the law that would allow bitcoin to be used for more than one purpose.
Bitcoin transactions have become a contentious issue in California, as lawmakers consider ways to regulate the technology and regulate how it is used.
Last week, the state legislature rejected a bill to allow bitcoin miners to operate in California.
A similar bill that had been proposed earlier in the legislative session was later vetoed by Gov.
Gavin Newsom (D).
Newsom has called bitcoin a “dangerous, disruptive technology.”
California has also had a history of dealing with cyberattacks.
The state was once hit by a massive ransomware attack that caused $100 million in damages.