05 Jul '13, 9pm

Is California trying to shut down Bitcoin? via @DailyDot

Is California trying to shut down Bitcoin? via @DailyDot

Bitcoin is battling for survival in California, as state regulators seem intent to strangle the cryptocurrency.The latest salvo came this week after the Bitcoin Foundation, whose goal is to promote all-digital currency, was forced to respond to a cease and desist letter from the state's Department of Financial Institutions (DFI). In that May letter, the DFI claimed the foundation violated a slew of federal and state laws that could make it vulnerable to fines and criminal prosecution. Essentially, the DFI said , the foundation was engaged in money transmission--like PayPal or Western Union--without registering with the U.S. Treasury or the state’s financial commissioner. But the Foundation said the DFI is wrong. First, it claimed, the sale of Bitcoin is not regulated under California law. And moreover, the foundation isn't even selling Bitcoin in the first place, nor is it...

Full article: http://www.dailydot.com/technology/california-dfi-bitcoin...

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