Bitcoin May Be Recognized As Money By Florida Senator Bill

Bitcoin

A legislation is drafted by a Florida state senator, which could recognize bitcoin as a money in the Florida State of United States. Senator Dorothy Hukil states that the bill is in the early stages and will try to balance protections for startups and consumers. Earlier this year, the Florida judge remove all the charges in a criminal case on the grounds that bitcoin is not legal currency and doesn’t fit the state definition of money transmission.

A Republican serving as Chairman of the Finance & Tax Committee Hukil suggests that the bill is first of its kind in Florida and still under development. She didn’t give any exact date, but Hukil suggest that their goal is to submit the bill before the start of 2017 to the Florida State Senate. It was also indicated by the Hukil that she would look to have feedback from industry stakeholders as the bill moving ahead, but this process will only start when the contents of the bill will be more clearly defined.

BitLicense Backlash

The Florida effort is the recent attempts on the state legislative level through which regulations will be put in place for the bitcoin BTC and blockchain technology.

There are many other states such as New Jersey, North Carolina and California who have moved in the same direction in some cases without any controversy of the court. The backlash sparked by the state specific licensing regime of New York is referred by the Hukil with the hope that this bill will encourage the innovators instead of putting them at a disadvantage.

She further argued that the bill is required in part due to increased interest in bitcoin as a form of money signaling local businesses who started to accept the digital currency.

She also states that any further growth in use will drive the need for regulation put in place for protecting the people who doesn’t know about this technology.

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