Published on August 29th, 2015 | by bitcoin0
Refuse licensing on Bitcoin in California
AB 1326 would create a license for virtual currency services in California.
While there is a provisional license for start-ups, it won’t solve the problem: only the Commission of Business Oversight can grant the provision license and applications can be rejected for any reason.
And because the bill’s language is vague, it’s not at all clear who the license requirement would apply to in the first place.
Why this is the wrong strategy for regulating Bitcoin: Virtual currencies like Bitcoin are still in their earliest stages of development.
Furthermore, the California virtual currency license is being touted as a model bill.