Bitcoin Received Cease and Desist Warning From California

By: Steve Wylde

Bitcoins have caused a tremendous amount of controversy since this digital financial instrument without borders moves digital currency around the world without the usual regulation or structure typical of the currency model. The Bitcoin Foundation is a nonprofit corporation with it’s stated mission being to standardize and promote the open source Bitcoin protocol which has received support from individuals and corporations to advance those objectives both in the United States and Abroad.

The allegation is that bitcoin is engaged in the business of money transmission without having obtained the proper licences or authorizations required by the California Financial Code. It was reported by Forbes that if found in violation of the California Financial Code the penalties could be as severe as ranging from $1,000 to $2,500 per violation per day plus criminal prosecution.

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