North Carolina Shrugs as Lawmakers Define Bitcoin

New cryptocurrency legislation was passed into law North Carolina by Governor Pat McCrory. Signed on July 6, the “Money Transmitters Act” defines virtual currencies as permissible investments, electronic and digital mediums, and digital records.

Also read: The Digital Revolution Increases Sovereignty

North Carolina Opts for Regulation

UnknownThis law gives definition and representation to virtual currencies, such as Bitcoin, in the state of North Carolina. The legislation has seemingly pleased some members of the cryptocurrency community, such as the Chamber of Digital Commerce. The blockchain advocacy group, known for being friendly with U.S. bureaucrats, says that miners, software providers, and a few other types of virtual transaction facilitators will not be needing a license.

One excerpt from the bill describing virtual currencies states:    

A digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but only to the extent defined as stored value under G.S. 53-208.42(19), but does not have legal tender status as recognized by the United States Government.

Mixed Reactions

Local media outlets also felt the law deserved praise and the Chamber of Digital Commerce said they worked with government officials for

Read more ... source: TheBitcoinNews