North Carolina Passes Bitcoin Bill Amid Majority

Bitcoins legal status has been dubios in many countries. Africa has not had a clear political standing on Bitcoin and that has proved troublesome for extremely large companies as the grey area can be risky to tread on. Other countries to successfully implement regulation regarding bitcoin include Russia, but the recognition of bitcoin in the US amid the latest Bill in North Carolina will have resonating effects.

old carolina senate

As seen below, the bill recognizes all virtual currencies so potential is opened up for other currencies such as the DAO token and also sets out the guidelines for using currencies in North Carolina.

funds incidental to transmission within the United States or to 26 locations abroad by any and all means, including payment 27 instrument, stored value, wire, facsimile, or electronic transfer, 28 primarily for personal, family, or household purposes. This includes 29 maintaining control of virtual currency on behalf of others.

From the bill itself

This bill does mean exchanges operating in and out of America will have to obtain licences to legally trade in these goods, but the clarity is a essential factor in increasing the exposure of bitcoin. Now not only will users be able to send money from Nigeria via the NairaEX exchange to the state free of any legal troubles as following the guidelines ensure activities remain legal. You can view the entire bill here : http://www.ncleg.net/Sessions/2015/Bills/House/PDF/H289v1.pdf

To conclude, the recent regulation on Bitcoin may actually help to stimulate trade and commerce via the coin as North Carolina decide to essentially legalise the use of it. Not only could we see a increase in bitcoin use in North Carolina, bitcoin business may also open as a licence can be applied for. Initially it may seem counter intuitive as business will have to apply for the licence, but in the long run this is a huge step towards the official recognition of bitcoin as a currency in its own right !

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.

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