California Proposes New Legislation: Digital Assets Recognized as Legal Tender

California is taking the initiative by amending its Money Transmission Act to grant legal recognition to digital assets as forms of payment. This legislation prohibits public officials from engaging in any activity related to cryptocurrencies, including sponsoring or promoting them. In a move towards fostering a supportive environment for cryptocurrency, California has also reportedly taken steps toward establishing a Bitcoin strategic reserve. California Democrat and Banking and Finance Committee Chair Avelino Valencia played a key role in this development.