#DigitalAssets / China Expands Digital Cash Pilot; California Bill Defining Digital Assets Moves Forward

China’s Ministry of Commerce is moving forward with its plan for a digital currency… The plan will come with a large number of cities in which to test the currency… The project’s policy design is set to be complete by the end of the year, although there’s no set date for when the expansion will begin.

The move comes as numerous places around the world look into digital currencies for official business, including the state of California, as it moves ahead with a digital asset bill, Assembly Bill 2150. …

According to a report by Cointelegraph, the bill passed by the state Senate Banking and Financial Institutions committee, which is looking to define digital assets and analyze their impact on the state and consumer protections.

The bill originally set out to distinguish digital assets from securities. Now… it also wants to direct the Department of Business Oversight to look into how treating them as securities for a little while would impact consumer protections, benefits to the state and what the minimum requirements would be to enact the new changes.