“Bitcoin Foundation Receives Cease And Desist Order From California”

by Walter Olson on June 24, 2013

“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]

{ 1 comment }

1 Bob Lipton 06.24.13 at 8:19 am

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?


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