Should we expect Bitcoin to be recognized in California

A bill has been developed in California, where Bitcoin is recognized as an official means of payment.

Perhaps soon, after El Salvador, the state of California will recognize BTC as a legal tender. At the moment, an expert working group is developing a bill according to which Bitcoin can be recognized as a legal tender.

One of the developers of the bill, Jan Calderon, said that work is underway to ensure that the state legislature accepts for consideration a draft law where Bitcoin is recognized as a payment unit.

Such an initiative can seriously improve the position of the cryptocurrency. Given that the California economy is currently experiencing a recession due to a sharp rise in prices for all services and goods, many companies are thinking about looking for new locations for themselves.

In the state capital, the authorities are trying to cope with growing social problems, so they will not be hindered at all by additional funds to the local budget. In addition, if California does recognize Bitcoin as legal tender, it may mean that other states will begin to consider such initiatives.
So far, the bill has not been submitted for consideration, but the fact that it has already been prepared is a good signal for the entire crypto industry in the United States. While the federal authorities in Washington are thinking about how to conduct a financial policy in relation to cryptocurrencies, they are already trying to be ahead on the ground. If the initiative meets bipartisan support in California, we should expect an influx of not only new investments in the state’s economy, but also an increase in the number of companies and digital nomads working with cryptocurrencies.

Recall that the first state to accept Bitcoin as an official means of payment was El Salvador. Despite fierce criticism, the authorities have not abandoned Bitcoin and continue to develop the infrastructure for its further adoption.

Maybe California will soon follow his example. And unlike El Salvador, where very few residents are familiar with virtual currencies, California has everything to quickly introduce Bitcoin into its financial and public infrastructure.

It remains to wait for the consideration of the bill by the state authorities and the final vote.