“Bitcoin Foundation Receives Cease And Desist Order From California”

“California’s Department of Financial Institutions [has] decided to issue a cease and desist warning to … Bitcoin Foundation for allegedly engaging in the business of money transmission without a license or proper authorization…. As a nonprofit, [the Foundation’s] mission is to standardize and promote the open source Bitcoin protocol … One activity that the foundation does not engage in is the owning, controlling, or conducting of money transmission business.” [Jon Matonis, Forbes]

One Comment

  • I don’t consider Bitcoin to be a valid model, but does this mean that California recognizes bitcoins as a currency on a par with, say the Hong Kong dollar?